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The current decline in the cryptocurrency market was caused by a massive outflow of institutional capital into fiat ahead of the upcoming IPOs of technology giants SpaceX, OpenAI, and Anthropic in the United States, said Yoshitaka Kitao, head of Japanese financial conglomerate SBI Holdings.
According to the banker, the decline is purely technical in nature, while the industry's fundamentals remain stable amid a large-scale regulatory restructuring that will return liquidity to digital assets after the wave of public listings is completed.
Why smart money dumps crypto for SpaceX
The reason for the aggressive liquidity outflow cited by the SBI chief was the unprecedented terms of Elon Musk's space giant's listing. The company expects to raise a record $75 billion at a total business valuation of $1.75 trillion, and although its net loss for 2025 reached $4.94 billion, investors are not being deterred.
Since startup Anthropic has already filed for listing first and OpenAI is preparing to follow, major funds are pulling money out of the crypto industry to secure stakes in the decade's most important technology assets. Kitao emphasizes that this institutional rush has temporarily overshadowed the crypto market's internal achievements, forcing funds to sacrifice positions to buy shares in the future technology sector.
This exit by major players dealt a heavy blow to the margin positions of retail investors. According to analytics service CoinGlass, positions held by 267,467 users were forcibly closed over the past 24 hours for a total of $1.77 billion, of which $1.55 billion came from long positions.
However, Kitao urges the market not to dramatize these figures, reminding investors that the liquidations were triggered by an external fiat liquidity squeeze, not by internal systemic failures in crypto infrastructure.
Ripple effect of clarity
Confirming the SBI chief's thesis about strong fundamentals, the U.S. Securities and Exchange Commission officially declared digital assets its strategic priority through 2030. The regulator is preparing a unified framework for tokenized real-world assets and staking, promising to eliminate duplicative requirements and clearly separate its authority from that of the CFTC.
At this critical point, blockchain giant Ripple is moving into a direct political offensive by opening a new operational office in Washington under Chief Legal Officer Stuart Alderoty. The company's resources are now focused on advancing the CLARITY Act, which is expected to establish federal rules of the game and fully remove administrative risks from XRP.
Yoshitaka Kitao is convinced that the final vote in the U.S. Senate, where the bill must overcome the 60-vote threshold, will become the reversal trigger.
Dan Burgin
