Analysis: No data supports claim of crypto sell-off for SpaceX IPO

Despite claims circulating in online communities that retail investors sold cryptocurrency to fund subscriptions for the SpaceX IPO, there are no unusual data points to support this, CoinDesk reported. Last week, SpaceX achieved an oversubscribed IPO with a valuation of $1.8 trillion. During the same period, BTC fell 16%, temporarily dropping below $60,000. While some have suggested the sell-off was to raise funds for the IPO, no direct link has been confirmed. According to the report, stablecoin withdrawals from exchanges, a key indicator of funds leaving the crypto ecosystem, showed no unusual activity. Furthermore, internal account transfers on platforms like Robinhood and Coinbase are not visible on-chain, making it impossible to verify if users cashed out crypto for the IPO. To determine whether crypto holders sold assets to participate in the offering, data from brokerage firms would need to be released, CoinDesk explained.