Speculation has arisen that retail investors might be selling cryptocurrencies to participate in SpaceX's upcoming IPO, which is offering a significant portion to retail investors. However, data suggests otherwise. Despite Bitcoin's recent 16% drop, stablecoin outflows, which would indicate a shift from crypto to cash, have remained within normal ranges, according to CryptoQuant data. Significant withdrawals of Bitcoin and Ether from exchanges were observed, but these movements appear to be more aligned with dip-buying rather than a rush to liquidate for cash. Additionally, spot Bitcoin ETFs experienced a record 13-session outflow streak, indicating some selling pressure, but not necessarily linked to the SpaceX IPO. The IPO is set to price on June 11 and will list on Nasdaq under the ticker SPCX.