BTC falls 20% in a month amid tech sell-off, with SpaceX’s upcoming IPO cited as a potential catalyst for outflows.
Bitcoin slid below $60,000 for the first time since September 2024, mirroring a 4.2% decline in the Nasdaq Composite as tech stocks retreated. The drop extends BTC’s monthly loss to over 20%, with analysts pointing to SpaceX’s planned IPO as a factor diverting capital from crypto markets.
Institutional adoption had surged earlier this year after BlackRock’s iShares Bitcoin Trust ETF launched in January 2024, offering a low-cost way to gain exposure. However, the recent sell-off suggests investors may be reallocating funds ahead of high-profile equity offerings, including SpaceX’s debut.
The Nasdaq’s worst single-day performance of 2026 underscores broader risk aversion, though crypto-specific factors like ETF outflows and regulatory uncertainty may also be contributing to the decline.