Analysis: On-chain data does not show investors massively selling off crypto assets to participate in SpaceX IPO

Mars Finance News, June 6 — Despite market speculation that some retail investors may sell Bitcoin to take part in SpaceX’s record-breaking $75,000,000,000 IPO, stablecoin liquidity and on-chain data currently show no signs of large-scale capital withdrawals from the crypto market. This SpaceX IPO is valued at approximately $1.8 trillion. Through platforms such as Robinhood, Fidelity, and Charles Schwab, up to 30% of the shares are allocated to retail investors—far higher than the roughly 10% of shares that traditional IPOs typically allocate to individual investors. After the roadshow began, subscription demand has already exceeded the size of the offering.

Data shows that outflows of USDT and USDC are still within their normal range since February this year, with no abnormal redemptions or supply contraction. Instead, on June 6, Bitcoin and Ethereum recorded net exchange outflows of approximately 66,470 BTC and 2.49 million ETH, respectively, indicating that more investors are moving their assets into private wallets—showing signs of buying the dip rather than concentrated cashing out.

However, on-chain data cannot reflect the trading activity of internal users on platforms such as Robinhood and Coinbase. Therefore, whether crypto investors are selling assets to subscribe for SpaceX stock still needs to await data that relevant brokerages will release. At present, the most evident area of capital outflows is spot ETFs. Data shows that, as of June 3, U.S. spot Bitcoin ETFs have recorded net outflows for 13 consecutive trading days, with cumulative redemptions of approximately $4.4 billion. Spot Ethereum ETFs have seen outflows for 17 consecutive trading days before returning to a modest net inflow.

According to the schedule, SpaceX will complete pricing on June 11 and list on NASDAQ on June 12 under the stock ticker SPCX.