Forget $1.77 Billion Crypto Crash: SBI CEO Makes Known XRP and Ripple's Next Catalyst

Cover image via depositphotos.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Why smart money dumps crypto for SpaceX Ripple effect of clarity Advertisement 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. HOT Stories Microsoft Warns of Crypto-Stealing Trojan Hyperliquid (HYPE) ATH Run Needs Short Pause, Ethereum (ETH) Receives Massive Upside Room, Toncoin (TON) Golden Cross Might Not Help: Crypto Market Review 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. Advertisement 暗号資産市場が全体的に下落しているが、その理由は、今後米国で次々と予定されているSpaceX社、Anthropic社、OpenAI社の三大IPOの株式取得のために機関投資家等が資金作りを行っているためだと考えられる。… — 北尾吉孝 (@yoshitaka_kitao) June 3, 2026 You Might Also Like Wed, 06/03/2026 - 00:01 Hyperliquid (HYPE) ATH Run Needs Short Pause, Ethereum (ETH) Receives Massive Upside Room, Toncoin (TON) Golden Cross Might Not Help: Crypto Market Review By Arman Shirinyan 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. Advertisement Liquidation heatmap, Source: CoinGlass 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. #Yoshitaka Kitao #XRP #Ripple News