Are retail traders selling their bitcoin to buy the SpaceX IPO?
Exchange flows and stablecoin movements through this week's sell-off show no wall of money leaving crypto for cash. Exchanges such as Robinhood and Coinbase will not publicly reporting their figures until July.
AI Summary
Despite online speculation that retail traders are selling bitcoin to buy into SpaceX's $75 billion IPO, exchange flows and stablecoin movements show no clear signs of abnormal cashing out from crypto markets. The most evident source of crypto outflows has been spot bitcoin and ether ETFs, which saw record redemptions totaling about $4.4 billion before modest inflows resumed. SpaceX is directing up to 30% of its IPO shares to retail investors via platforms like Robinhood, Fidelity and Charles Schwab.