While 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. 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 asset…
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