Are retail traders selling bitcoin to buy Elon Musk's SpaceX IPO?
SpaceX’s oversized retail-access IPO may have prompted some crypto-to-cash rotation, but on-chain data does not show a clear broad selloff from spot holdings. Bitcoin fell about 16% over the period, briefly dropping below $60,000, while stablecoin flows such as USDC and tether stayed within recent ranges, suggesting no unusual cash-out spike. Heavy bitcoin and ether withdrawals from exchanges on Friday looked more like coins moving into private wallets than selling, since selling usually sends coins onto exchanges. The clearest crypto outflow was from funds: spot bitcoin ETFs saw 13 straight days of redemptions through June 3, totaling about $4.4 billion, and ether ETFs had a 17-session outflow streak that ended the same day. Those redemptions represent real selling because issuers must liquidate underlying coins. Direct brokerage-account trading inside platforms like Robinhood or Coinbase is not visible on-chain, so final evidence will come from broker reports.
