Bitcoin has shed roughly 25% of its value in recent weeks, sliding from around $82,000 to the $60,000-$62,000 range. Michael Saylor thinks he knows exactly why: Wall Street is busy selling something shinier.
The executive chairman of Strategy pointed to approximately $400 billion in AI infrastructure financing over the past six months as the primary culprit behind the drawdown. Banks, he argues, are aggressively marketing mega-IPOs from companies like SpaceX, OpenAI, and Anthropic, and that promotional blitz is pulling institutional capital out of liquid assets, Bitcoin included.
The great liquidity migration
On June 4, Saylor laid out his thesis in stark terms. Since May 14, Bitcoin ETFs have experienced roughly $4 billion in outflows. That’s not catastrophic on its own, but it coincides with a wave of AI-related capital raises that Saylor projects could total $1 trillion across 2026.
SpaceX filed its public S-1 on May 20, targeting what could become the largest IPO in history. OpenAI and Anthropic have both made confidential filings of their own. When three of the most hyped companies on the planet are all heading for public markets simultaneously, the gravitational pull on institutional capital is enormous.
