It's not SpaceX. Bitcoin ETF outflows may be an arbitrage story

MarketsShareShare this articleCopy linkX iconX (Twitter)LinkedInFacebookEmailIt's not SpaceX. Bitcoin ETF outflows may be an arbitrage storyWhile some analysts argue investors are selling bitcoin to free up capital for anticipated IPOs such as SpaceX and Anthropic, Sygnum's Fabian Dori says market data points elsewhere.By Jamie Crawley, AI Boost|Edited by Omkar Godbole Jun 11, 2026, 12:42 p.m. 2 min readMake preferred on What to know: Sygnum CIO Fabian Dori says recent bitcoin ETF outflows are not supported by on-chain and market data as evidence of investors rotating into SpaceX and other anticipated IPOs. Exchange flows, stablecoin balances and crypto risk appetite indicators show little sign of broad capital migration out of digital assets, Dori argues. Dori points to the derivatives market as perhaps the strongest argument against the IPO-rotation theory.Bitcoin BTC$62,958.25 exchange-traded funds (ETFs) have suffered nearly $5.75 billion of outflows since mid-May, fueling speculation that institutional investors are cashing out of crypto to prepare for the highly anticipated SpaceX IPO. The selling pressure drove bitcoin to a 2026 low below $60,000 in the first week of June, more than 50% below its all-time high of nearly $125,000 last October. One of the prevailing narratives for the sell-off is a rotation of capital away from cryptocurrency to prepare for a slate of highly anticipated initial public offerings (IPOs) starting with SpaceX (SPCX) on Friday.Fabian Dori, chief investment officer at Swiss digital asset bank Sygnum, isn't convinced."The ETF outflows are real," Dori said in an interview with CoinDesk. "But the data does not truly support the hypothesis that bitcoin would be bleeding because of the SpaceX IPO."If investors were systematically selling bitcoin to raise cash for IPO allocations, exchange balances would likely show unusual patterns of outflows and stablecoin market capitalization would probably decline as capital exited the crypto ecos…

It's not SpaceX. Bitcoin ETF outflows may be an arbitrage story

Coins in this story

Related stories

Michael Saylor and Jack Mallers go toe-to-toe over Strategy's bitcoin reporting metrics

As SpaceX IPO approaches, Polymarket, Ventuals assign $2 trillion valuation onchain

Japan’s parliament poised to pass sweeping bill to regulate crypto like stocks