Investors in the cryptocurrency market have been speculating about the possibility of retail traders selling their bitcoin holdings to fund their allocations in the upcoming SpaceX IPO. However, data from exchanges and stablecoin movements do not support this notion.
The largest spot ETFs, which hold underlying coins, have seen record withdrawals, with over $4.4 billion worth of assets leaving these funds in just 13 sessions. This trend is similar to that observed for ether ETFs, which experienced a 17-session streak before breaking the same day.
On-chain data, which tracks movements of cryptocurrencies on public blockchains, shows no significant outflows of crypto funds from exchanges to cash. Stablecoins, which are digital tokens pegged to the value of traditional currencies, have not seen any unusual movements either.