SpaceX just reminded the market that it still has something to say in the cryptocurrency world. On Tuesday, Elon Musk’s company transferred bitcoins worth approximately USD 268.5 million – the first operation of this type since July 24.
According to data from Arkham Intelligence, Elon Musk’s space company sent a total of 2,495 BTC to several unmarked wallet addresses. Interestingly, so far none of these addresses has made another transfer or sale. Cryptocurrencies are just sitting there. SpaceX HODL?
Reorganization or something more? SpaceX under the microscope of analysts
This is the first significant move in SpaceX’s bitcoin holdings since June 2022, when the company consistently held reserves at around 8,285 BTC. There is no official explanation for the transaction, but cryptocurrency analyst Aunt Ai suggests that it may just be a portfolio reorganization. Some of the space giant’s previous transfers turned out to be a simple interaction with the Coinbase Prime trust address.
It is worth recalling that in mid-2022, SpaceX reduced its BTC resources by approximately 70%. The probable reason was the market crisis – the memorable collapse of Terra-Luna in May and the collapse of FTX in November had a domino effect. Since then, the company has not purchased any more bitcoins.
Tesla also sold
History repeats itself – Tesla, Musk’s second flagship company, also sold off most of its bitcoins in 2022. He currently holds 11,509 BTC worth $1.24 billion. There’s a pattern: When the market crashes, even the biggest players take a step back. With the obvious exception of Strategy, a BTC-oin sentiment icebreaker under the helm (nomen omen) of Michael Saylor
Meanwhile, bitcoin itself lost 3.21% over the past day, falling to $107,685. The broader crypto market is down 3.4%. SpaceX’s moves do not help the mood, although for now it is difficult to talk about panic visible during the flash crush.
Is this the beginning of a larger sell-off or just a technical transfer? Time will tell, but as SpaceX moves its bitcoin, everyone is watching the space giant’s wallets very closely.
