CryptoQuant Analyst Says SpaceX IPO Influenced Risk Sentiment as Bitcoin Sees 20.9K BTC Net Outflow

CryptoQuant analyst Axel Adler Jr. said this week’s market was significantly influenced by a large SpaceX IPO. According to PANews, he wrote that while the overall “Risk On/Off” indicator remained in a slightly risk-off zone, the offering was absorbed by the market and eased policy-related pressure at the sentiment level. Adler said that, driven by related narratives, SpaceX’s market value at one point exceeded Bitcoin’s market capitalization, drawing cross-asset risk attention. For Bitcoin, he said the asset was in a recovery phase after a $60,000 low this week, but structural selling pressure remained. Data cited by Adler showed exchange net outflows of about -20.9K BTC for the week, indicating that selling pressure had not fully eased.