Did Bitcoin's 53% Fall Front Run the A.I. Market Collapse? | Simply Originals

**Rustin** (0:00)
Bitcoin just suffered its biggest sell-off since the FTX crash, hitting a low of 59,000. Bitcoin has fallen. Somebody please help it up. Down 53% off the all-time high, methodically just dropping like it knows something you and I don't, and has decided not to tell us. I'm not gonna act like it didn't suck, because it did. But this audience doesn't fall for that. Those other disgusting Troglodytes who don't watch this show, they're crying in their safe spaces as we speak, and I hope they cry harder. We know at the end of the day, there's always something bigger happening behind the scenes. The real reason is hiding in plain sight, but it may not be what you think. This Friday, the biggest IPO in history of the stock market opens for trading. Not Amazon, not Google, not Saudi Aramco, a rocket company, a rocket company that is being valued at 1.75 trillion on day one. Trillion with a f**king T.
I just need you to think about that for a second, because Apple, Apple took 40 years to get to 1.75 trillion. SpaceX will have that likely by Friday morning. Now look, I like rockets. Rockets are cool. I watched the Falcon Heavy landing and I cried a little bit. I'm not ashamed of that, but I'm also an adult who has read an S1 filing. And what's in these particular S1 filings is absolutely unhinged. And nobody, nobody, nobody, asks the obvious question during Bitcoin's face stop. What does Bitcoin know? Big show today. We got three stories. First, why Bitcoin's 50% drop might be the most important signal in the market right now. And it has nothing to do with Bitcoin. Two, why the SpaceX IPO, which opens Friday morning, is the most legally sophisticated wealth transfer Wall Street has pulled off in decades. Your index fund is in this whether you want it to be or not. And three, I'm going to tell you something about open AI and Anthropic that made me spit out my chicken tendies last night. And I do not waste precious tendies. Because while we were watching SpaceX load up the launch pad, they quietly filed for their own IPOs, three and two weeks in sequence. And nobody on CNBC is connecting the dots. Welcome back, I'm Rustin. Let's get into it.
Bitcoin seems to be on life support. Things aren't great, but history doesn't repeat. It rhymes. And right now, it's rhyming with 2000 and the.com crash. But before we jump into price IPOs and conspiracy theories that will be true in six months, we need to laze some groundwork. Okay, you've heard of the term risk curve, right? Of course you have. You watch this channel, this show. But for the new people, let me give you an example. Here's the short version. On one end, safe, boring bonds, treasuries, things that don't move. On the other end, volatile, high return, things that can 10x you or take your legs. And at the very, very far end of that spectrum, the most sensitive point on the whole curve, Bitcoin, 75% annualized volatility. It's the most exposed instrument in the global financial system, not because it's broken, because it's honest. It moves when real money moves. Now, smart institutional money, the guys with the spreadsheets and the fleece vests, they go as far out on that curve as they need to, right? If I can get a 12% return somewhere safer, I'm not going to take Bitcoin level risk for a 12% return. I'll take the sure thing. And for the last couple of years, AI stocks were giving people Bitcoin tier returns at like half the risk. NVIDIA at 52% volatility, still wild, but way less wild than Bitcoin. So what happened? Money went there instead. Left Bitcoin went one step back towards safety and got the same return. That's not manipulation. That is math. But here's what's wild. Bitcoin felt the liquidity drain before anything else did because it's the most exposed. You don't feel an earthquake in the middle of a stable slab. You feel it first at the fault line edges. Bitcoin peaked October 2025, three cycles in a row within weeks of global liquidity peaking. Bitcoin turns first every time, 126K to 63K, while the S&P ripped, while AI went vertical, while everyone on CNBC was throwing confetti about the Goldilocks economy. Bitcoin wasn't crashing. Bitcoin was reading a memo nobody else had yet. All right, SpaceX, let's just walk you through what is actually happening Thursday night, because I think a lot of people hear the word IPO, and eyes, eyes glaze, they have 2017 flashbacks, and they change the channel before they have a panic attack. Stay with me. An IPO, initial public offering, means a private company is selling pieces of itself to the public for the first time.