SK Hynix, CXMT IPOs Raise $32B, Crypto Liquidity Dwindles

These deals follow earlier AI-related listings from SpaceX and Cerebras that stirred enthusiasm across semiconductor and memory stocks. OpenAI and Anthropic have both been discussed as eventual trillion-dollar candidates, though growing investor unease over AI valuations and a cooling in semiconductor shares could push those IPOs to 2027 or later, sources told Bloomberg.

Even with that delay, the immediate pipeline is enough to drain attention and capital from digital assets. Bitcoin now trades near $63,000, roughly 50% below its October all-time high. Stablecoin market cap fell to $312 billion in June, its largest monthly drop since the TerraUSD collapse. Tokenized equity volumes, by contrast, surged 145% to a record $3.86 billion, suggesting some migration from crypto-native instruments into blockchain-based versions of traditional stocks.

The pattern is clear: investors are allocating fresh capital to companies building AI infrastructure, not to crypto assets. As long as the IPO pipeline remains thick, the rotation is likely to persist.

For crypto traders, the near-term risk is continued pressure on liquidity and price. A reversal would require either a slowdown in AI deal demand or a catalyst inside digital assets that shifts the flow – a regulatory win, a stablecoin breakthrough, or a shift in rate expectations. Nothing on the calendar offers that today.