Bitcoin traded just above $63,000 on Thursday around 12 p.m. EDT, extending a steep fortnight-long decline. The largest cryptocurrency has shed 17% over the past two weeks, and the selloff is colliding with a historic wave of AI public offerings expected in the coming months. Investors are weighing whether the flood of new AI stocks will pull capital away from crypto markets.
The two-week slide
The drop began in late May and has accelerated into June. Bitcoin briefly touched $62,800 early Thursday before recovering to the $63,000 handle — still well below the $76,000 level it held just 14 days ago. The selloff has been broad, dragging major altcoins down with it. Trading volumes picked up as stop-losses triggered, and some exchanges reported a brief surge in support tickets from users asking about margin calls.
The timing isn't great for bitcoin bulls. The broader macro picture is dominated by the coming AI public offerings, which are being described inside the industry as the largest cluster of tech IPOs since the dot-com era.
AI IPOs and the capital rotation question
More than a half-dozen AI companies are preparing to list on US exchanges between July and October, according to SEC filings and reports from the past month. The combined projected raise is estimated to be in the tens of billions of dollars. Institutional investors have been rebalancing portfolios to free up cash for those allocations, and some of that selling has spilled into crypto.
Bitcoin has historically moved inversely to risk-on equity sentiment during periods of heavy new issuance. This week, bitcoin and the tech-heavy Nasdaq moved in roughly opposite directions on three of four trading days. Traders are watching the correlation closely: if the AI IPO cycle opens with a bang, capital rotation out of crypto could deepen.
What traders are watching next
A few key levels are being talked about on trading desks. The $60,000 mark is the obvious psychological floor — a break below that could trigger another wave of liquidations. On the upside, bitcoin needs to reclaim $68,000 to shake the current bearish momentum.
But the bigger unknown is the AI IPO calendar. The first major listing is expected in mid-July, from a well-funded autonomous driving firm backed by several large venture capital outfits. If that deal prices above the expected range, it could signal strong demand that pulls even more capital from alternative assets.
For now, bitcoin is hanging on at $63,000. How long it stays there may depend on how many investors decide they'd rather own a piece of the AI boom instead.
