Analysis: On-chain data did not show large-scale selling by investors of cryptocurrency assets to participate in the SpaceX IPO

BlockBeats News, June 6th, despite market speculation that some retail investors may sell Bitcoin to participate in SpaceX's record-breaking $75 billion IPO, stablecoin flows and on-chain data show that there is currently no sign of large-scale fund outflows from the crypto market.

The SpaceX IPO is valued at approximately $1.8 trillion, with up to 30% of the shares allocated to retail investors through platforms such as Robinhood, Fidelity, and Charles Schwab, significantly higher than the typical 10% allocation to individual investors in traditional IPOs. Following the start of the roadshow, the demand for subscriptions has exceeded the issuance size.

Data shows that the outflows of USDT and USDC remain within normal ranges since February, with no signs of abnormal redemptions or supply contraction. On the contrary, on June 6th, around 66,470 BTC and 2.49 million ETH were net outflows from exchanges, indicating that more investors are moving assets to private wallets, showing a buy-the-dip signal rather than a mass cash-out.

However, on-chain data cannot reflect the trading activity of users within platforms such as Robinhood and Coinbase, so it is still necessary to wait for relevant brokerages to release data to determine if any crypto investors have sold assets to subscribe to SpaceX shares.

The most significant outflows of funds currently come from spot ETFs. Data shows that as of June 3rd, the US Bitcoin spot ETF has seen net outflows for 13 consecutive trading days, totaling around $4.4 billion in redemptions; the Ethereum spot ETF has experienced fund outflows for 17 consecutive trading days before returning to a slight net inflow.

According to the plan, SpaceX is set to complete pricing on June 11th and will debut on the Nasdaq on June 12th under the stock ticker symbol SPCX.