Stablecoin flows remain normal despite speculation that traders are liquidating holdings
SpaceX’s record $75 billion initial public offering, scheduled to price on June 11 and list on Nasdaq under ticker SPCX on June 12, is drawing retail investors through a 30% allocation directed to brokerages including Robinhood, Coinbase, Fidelity, and Charles Schwab. That 30% share represents roughly 3 times the typical retail allocation in major IPOs.
Online speculation has circulated that cryptocurrency holders are selling bitcoin to fund these purchases. On-chain data and stablecoin flows, however, show no clear signs of abnormal cashing out from crypto markets during the IPO roadshow and pre-pricing period.
Stablecoin outflows, the primary mechanism for tracking money leaving crypto for dollars, remained within their February-established range throughout the period analyzed. The largest single-day tether outflow occurred on May 20 at $3.6 billion. USDC saw its largest single-day outflow on May 22 at $2.5 billion. Neither figure represents an anomaly relative to historical patterns, according to data reviewed by CoinDesk and CryptoQuant.
Bitcoin and ether did experience heavy withdrawals from exchanges on Friday, among the biggest single-day totals of the year: 66,470 bitcoin and 2.49 million ether. Withdrawals from exchanges typically signal buying intent, as traders move holdings to personal wallets or prepare for transfers to brokerages. Yet this activity does not necessarily indicate IPO-related purchases, and the absence of corresponding stablecoin outflows complicates the narrative.
Bitcoin declined roughly 16% over the same timespan as the SpaceX IPO announcement, briefly trading below $60,000 before recovering to around $61,000. Spot bitcoin ETFs experienced 13 consecutive days of redemptions totaling $4.4 billion before a small $3 million inflow resumed on June 3. Ether ETFs experienced a 17-session redemption streak that also ended June 3.
A critical limitation of on-chain analysis is that it cannot track transactions occurring within brokerage accounts. Robinhood, Coinbase, Fidelity, and Charles Schwab process crypto sales off-blockchain, making retail IPO purchases funded by crypto liquidations invisible to public ledger data. Robinhood reports monthly trading metrics with June crypto volumes due mid-July. Coinbase will disclose retail activity in second-quarter results later in the month.
The tension between heavy exchange withdrawals and stable stablecoin flows suggests that crypto holders may be moving holdings without immediately converting to dollars. Alternatively, the withdrawal activity may reflect unrelated portfolio rebalancing or transfers ahead of the IPO event without corresponding liquidations.
SpaceX is owned by Elon Musk and focuses on rockets, satellites, and AI. The company’s $1.8 trillion valuation makes the IPO the largest on record. The roadshow opened Thursday already oversubscribed, with more orders than shares available.
