Did SpaceX IPO fever trigger Bitcoin’s sharp drop this week?

Online speculation has tied Bitcoin’s latest drop to retail demand for SpaceX’s record IPO, but crypto flow data has not shown clear evidence of a mass cash exit.

CryptoQuant data reviewed in the report showed no unusual withdrawals of USDC or Tether from exchanges during the selloff. The same data showed stablecoin movements stayed within the range seen since February.

The debate started after Bitcoin price fell about 16% during the same period that SpaceX began marketing its planned public listing. Bitcoin briefly traded below $60,000 before moving back near $61,000, according to market data cited in the report.

Stablecoin flows do not show cash rush

Stablecoins usually offer the clearest public view of crypto traders moving into dollars. A trader who sells Bitcoin to prepare cash for a brokerage account may convert funds into USDC or Tether before redemption.

CryptoQuant data did not show a sharp break in that pattern. The report said the largest recent single-day stablecoin outflows came before the latest Bitcoin decline, with $2.5 billion in USDC on May 22 and $3.6 billion in Tether on May 20.

At the same time, the report said Bitcoin and Ether saw large exchange withdrawals on Friday. CryptoQuant data showed 66,470 Bitcoin and about 2.49 million Ether left exchanges, among the largest single-day totals this year.

Such withdrawals do not usually match panic selling. Coins moving off exchanges often show that buyers took delivery into private wallets after purchases. Sellers usually move coins onto exchanges before selling.

SpaceX IPO draws heavy retail attention

Reuters reported that SpaceX plans to raise $75 billion through its IPO at a $135 share price. Reuters also reported that the company is seeking a valuation near $1.75 trillion, based on sources familiar with the matter.

The listing has drawn attention because retail investors could receive an unusually large share of the offering. Reports said platforms including Robinhood, Fidelity, and Charles Schwab are expected to give individual investors access.

Reuters reported that demand had already reached about $150 billion, or roughly twice the target size of the offering. Final allocations may still change before pricing.

The report said SpaceX is expected to price the IPO on June 11 and begin trading on Nasdaq under the ticker SPCX on June 12.

Brokerage data remains the missing piece

On-chain data cannot show everything. The report noted that a customer can sell crypto inside a Robinhood or Coinbase account and keep the dollars there without moving coins on a public blockchain.

Due to that blind spot, the crypto-to-SpaceX theory may not be settled until brokerages release their own figures. Robinhood reports monthly trading data, while Coinbase reports retail activity in its quarterly results.

Fund data gave the clearest evidence of crypto selling. Public ETF-flow reports showed spot Bitcoin ETFs lost more than $4.3 billion across a record 13-session outflow streak through June 3.

Ether ETFs also posted a 17-session outflow run before the streak ended. In those products, redemptions require issuers to sell the underlying coins, making ETF exits the clearest confirmed source of selling pressure.