Analysis: On-chain data does not show a large-scale sell-off of crypto assets by investors to participate in the SpaceX IPO.

According to BlockBeats, on June 6th, despite market speculation that some retail investors might sell Bitcoin to participate in SpaceX's record $75 billion IPO, stablecoin flow and on-chain data show no signs of a large-scale exodus of funds from the crypto market. The SpaceX IPO, valued at approximately $1.8 trillion, allocated up to 30% of its shares to retail investors through platforms such as Robinhood, Fidelity, and Charles Schwab, significantly higher than the approximately 10% allocation to individual investors in traditional IPOs. Since the roadshow began, demand has exceeded the offering size. Data shows that the outflow of USDT and USDC remains within the normal range since February of this year, with no abnormal redemptions or supply contraction. Conversely, on June 6th, Bitcoin and Ethereum recorded net outflows of approximately 66,470 BTC and 2.49 million ETH from exchanges, respectively, indicating that more investors are transferring assets to private wallets, showing signs of buying on dips rather than concentrated profit-taking. However, on-chain data cannot reflect the trading behavior of users within platforms like Robinhood and Coinbase. Therefore, whether crypto investors sold assets to subscribe to SpaceX stock remains to be seen, pending data releases from relevant brokerages. Currently, the most significant outflow of funds is from spot ETFs. Data shows that as of June 3, US spot Bitcoin ETFs had experienced net outflows for 13 consecutive trading days, with cumulative redemptions of approximately $4.4 billion; spot Ethereum ETFs experienced outflows for 17 consecutive trading days before recovering to a slight net inflow. According to the plan, SpaceX will complete its pricing on June 11 and list on Nasdaq under the ticker symbol SPCX on June 12.