Analysts cited capital rotation amid macroeconomic uncertainty and SpaceX's historic IPO as the main drivers of the significant outflows.
Capital rotation into SpaceX's IPO exposed bitcoin ETFs as discretionary, not core holdings — a fragility institutional adoption narratives ignore.
FSC licensing requirements force unregistered exchanges out of Taiwan's market, accelerating consolidation and opening doors for compliant global players.
Repeat-founder thesis concentrates capital further away from first-timers, raising the bar for who gets early institutional backing.
Employee tenders at $8.5B valuation signal AI startups are weaponizing liquidity access to compete with public-market compensation packages.
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