SpaceX, Elon Musk's aerospace company, has made its first on-chain Bitcoin (BTC) movement in three years, according to data from crypto analytics platform Arkham. Earlier today, SpaceX transferred 1,308 BTC, valued at approximately $152 million, to an unknown wallet.
The transaction occurred at 13:09 (UTC+8) and marks the first time SpaceX has moved its Bitcoin holdings since June 2022, when it sent 3,505 BTC to Coinbase. Following this recent transfer, SpaceX still holds a substantial 6,977 BTC, currently valued at roughly $815 million. The unexpected movement has ignited curiosity and speculation within the crypto community regarding its potential market impact, with questions arising about whether the firm is preparing to sell off its Bitcoin.
However, given that the funds have not yet been touched in the receiving wallet, it is also plausible that the transaction is a strategic wallet reshuffle aimed at enhancing security or updating cold storage protocols.
SpaceX initially ventured into the Bitcoin space in 2021, a move confirmed by Elon Musk shortly after Tesla's significant $1.5 billion investment in the cryptocurrency. While Tesla later sold 75% of its BTC in 2022 for $936 million, retaining about $184 million, SpaceX had previously reported a write-down of $373 million in Bitcoin between 2021 and 2022. The exact details of any previous sales by SpaceX remain unclear.
Arkham had previously indicated that Tesla and SpaceX combined held around $2 billion in Bitcoin. Both companies reportedly acquired their holdings at an average price of $32,000, placing them in a position to be up almost $1.5 billion on their Bitcoin investments. Currently, Tesla holds 11,509 BTC, while SpaceX holds 8,285 BTC (before today's transfer), making them two of the largest corporate holders of Bitcoin today. Unlike Tesla's publicly disclosed BTC holdings since 2021, SpaceX's stash was only recently confirmed through on-chain wallet tracking, highlighting the quiet accumulation strategies of some major firms.
The recent Bitcoin movement by SpaceX comes amidst a period of significant activity from large holders, commonly referred to as "whales." On July 17, Bitcoin whales moved a massive 61,000 BTC to exchanges, representing the largest single-day inflow in over a year. This substantial transfer triggered a 4% dip in Bitcoin's price, pulling it down from its recent all-time high of $123,000 to trade in the $117,000–$118,000 range.
Analysts at Cryptoquant noted a dramatic increase in BTC inflows to exchanges over the past few days, jumping by nearly $17 billion, from $28 billion to $45 billion between July 14 and July 18. This spike in inflows is reminiscent of patterns observed at previous market tops, suggesting that large institutional players and whales may have capitalized on Bitcoin's new all-time high to realize profits. However, daily inflows are now showing a decline. If this trend continues, it could help alleviate selling pressure and provide the market with much-needed breathing room for potential further upside.
July 2025, Cryptoniteuae