On June 6, despite market speculation that some retail investors might sell Bitcoin to participate in SpaceX's record-breaking $75 billion IPO, stablecoin liquidity and on-chain data show no signs of large-scale fund withdrawals from the crypto market at this time.

The SpaceX IPO is valued at approximately $1.8 trillion, with up to 30% of shares allocated to retail investors through platforms like Robinhood, Fidelity, and Charles Schwab, far higher than the roughly 10% allocated to individual investors in traditional IPOs. After the roadshow began, subscription demand exceeded the issuance size.

Data indicates that the outflows of USDT and USDC remain within normal ranges since February of this year, with no abnormal redemptions or supply contractions. Conversely, on June 6, Bitcoin and Ethereum recorded net exchange outflows of about 66,470 BTC and 2.49 million ETH, respectively, suggesting more investors are transferring assets into private wallets, showing signs of buying on dips rather than concentrated cashing out.

However, on-chain data cannot reflect the trading behavior of users on platforms like Robinhood and Coinbase, so whether crypto investors are selling assets to subscribe to SpaceX shares still depends on future disclosures from these brokerages.

Currently, the most noticeable fund outflows are from spot ETFs. Data shows that as of June 3, the US spot Bitcoin ETF has experienced 13 consecutive trading days of net outflows, totaling about $4.4 billion in redemptions; the spot Ethereum ETF has experienced 17 consecutive days of fund outflows before resuming slight net inflows.

According to the plan, SpaceX will complete pricing on June 11 and list on Nasdaq under the ticker SPCX on June 12. #分享美股交易赢英伟达股票