SpaceX, Elon Musk's rocket, satellite and AI company, kicked off what could be the largest IPO in history this week, allocating up to 30% of its $75 billion offering directly to retail investors through Robinhood, Fidelity and Charles Schwab — more than triple the typical retail allocation. The roadshow, which started Thursday, was already oversubscribed, Bloomberg reported. The company is offering shares at a valuation of $1.8 trillion.
Over the same period, bitcoin dropped roughly 16%, briefly trading below $60,000 before recovering to around $61,000, according to CoinDesk data. The timing fueled speculation: are retail traders selling their crypto to free up cash for the SpaceX allocation?
Stablecoin Outflows Show No Spike
The most direct way to track crypto-to-dollar exits is via stablecoins. A trader selling bitcoin to fund a brokerage account would typically convert into a dollar-pegged token like USDC or Tether, then withdraw it from exchanges or redeem it. Neither metric shows anomalies, per CoinDesk estimates. Outflows of USDC and Tether have stayed within the range maintained since February. The largest single-day outflows in recent months — $2.5 billion in USDC on May 22 and $3.6 billion in Tether on May 20 — both occurred before the sell-off.
Large Bitcoin and Ethereum Withdrawals But Direction Matters
On Friday, exchanges saw major outflows: 66,470 BTC and about 2.49 million ETH were withdrawn — among the largest daily volumes this year, per CryptoQuant. However, a withdrawal (transfer from exchange to private wallet) typically occurs when a buyer takes custody. Selling is the opposite — transferring coins to exchanges to be sold. The data suggests accumulation rather than dumping.
The Blind Spot: Internal Exchange Activity
Blockchain data cannot see inside Robinhood or Coinbase accounts, where users can sell bitcoin for dollars without any public ledger record. Until brokerages publish their metrics, the question remains open. Robinhood reports monthly trading volumes — June crypto data is due mid-July. Coinbase discloses retail activity in its Q2 earnings, due later this month.