Sygnum CIO dismisses theory that bitcoin sales fund upcoming IPOs like SpaceX, citing lack of supporting market data.
Bitcoin ETF outflows may stem from arbitrage activity rather than investors selling to fund anticipated IPOs, according to Sygnum’s chief investment officer. Fabian Dori argues that exchange flows, stablecoin balances, and crypto risk appetite indicators show no broad capital shift out of digital assets.
Bitcoin fell below $60,000 in early June, over 50% off its October peak near $125,000. Analysts had suggested the sell-off reflected capital rotation into upcoming IPOs, including SpaceX’s debut. However, Dori contends derivatives market data undermines this narrative.
Dori acknowledged ETF outflows but noted that on-chain data fails to support the IPO-driven selling hypothesis. If investors were liquidating bitcoin for IPO allocations, exchange balances would likely reflect unusual withdrawal patterns.