I’ve seen a lot of people blaming the recent weakness in crypto on the SpaceX IPO. The problem is the data doesn’t seem to agree. Stablecoin flows aren’t showing any major exodus. On-chain data isn’t showing widespread cashing out either. So while the narrative sounds good, the evidence isn’t really there. People keep looking for one thing to blame. Markets are usually a bit more complicated than that.

I’ve seen a lot of people blaming the recent weakness in crypto on the SpaceX IPO.

The problem is the data doesn’t seem to agree.

Stablecoin flows aren’t showing any major exodus.

On-chain data isn’t showing widespread cashing out either.

So while the narrative sounds good, the evidence isn’t really there.

People keep looking for one thing to blame.

Markets are usually a bit more complicated than that.

— That Martini Guy ₿ (@MartiniGuyYT) Jun 6, 2026