Bitcoin Holds Near $63K as Cramer Calls It 'Bad Money' Amid SpaceX IPO Drain

Bitcoin consolidates near $63,000 after rebounding from a June 8 low of $59,099, marking a 50% drawdown from its October 2025 peak. Heavy spot ETF outflows exceeding $1.7 billion in the first week of June have been driven by capital rotating into SpaceX’s planned $75 billion IPO and a broader $160 billion AI listing wave. Despite the pressure, institutions including Strategy and sovereign wealth funds continue accumulating, with Bernstein projecting $12 billion in combined 2026 demand and viewing the pullback as a buying opportunity rather than a structural break. Jim Cramer’s June 11 remarks labeling Bitcoin “bad money” added to sentiment pressure as liquidity shifts toward tech equities.