Analysis: On-chain data does not show that investors sell crypto assets on a large scale to participate in SpaceX IPO

According to CoinDesk, despite market speculation that some retail investors may sell Bitcoin to participate in SpaceX's record-breaking US$75 billion IPO, stablecoin flow and on-chain data show that there are no signs of a large-scale withdrawal of funds from the crypto market.<br /> The SpaceX IPO is valued at approximately US$1.8 trillion, and it allocates up to 30% of shares to retail investors through platforms such as Robinhood, Fidelity and Schwab, which is much higher than the approximately 10% ratio of traditional IPOs to individual investors. After the roadshow started, subscription demand has exceeded the issuance scale.<br /> Data shows that the outflow scale of USDT and USDC is still in the normal range since February this year, and there have been no abnormal redemption or supply contraction. In contrast, Bitcoin and Ethereum recorded net exchange outflows of approximately 66,470 BTC and 2.49 million ETH respectively on June 6, indicating that more investors are moving assets into private wallets, showing signs of bargain hunting rather than concentrated cashing out.<br /> However, on-chain data cannot reflect the trading behaviors of users within platforms such as Robinhood and Coinbase, so whether any crypto investors sell assets to subscribe for SpaceX shares still needs to wait for relevant securities firms to subsequently release data.<br /> Currently, the most obvious area of capital outflows comes from spot ETFs. Data shows that as of June 3, the U.S. spot Bitcoin ETF has experienced net outflows for 13 consecutive trading days, with a cumulative redemption of approximately US$4.4 billion; the spot Ethereum ETF has experienced capital outflows for 17 consecutive trading days, and then resumed a small net inflow.<br /> According to the plan, SpaceX will complete pricing on June 11 and be listed on NASDAQ under the stock code SPCX on June 12.