SpaceX Just Moved $152 Million in Bitcoin, Are Whales Dumping?

SpaceX has just made a significant move in the world of cryptocurrency by transferring 1,308 BTC (equivalent to approximately $152 million) to an unknown wallet, as reported by the crypto analytics platform Arkham. This marks the first time in three years that SpaceX has made an on-chain Bitcoin transaction.

The transfer took place at 13:09 (UTC+8) and is the first such move by SpaceX since June 2022 when the company sent 3,505 BTC to Coinbase. Currently, SpaceX holds a total of 6,977 BTC, valued at around $815 million. The sudden transfer has piqued the interest of the crypto community.

It is worth noting that the BTC transferred by SpaceX has not been moved further since the transaction, indicating that it may have been an internal reorganization for added security measures or cold storage management.

Arkham had previously revealed that both Tesla and SpaceX collectively held approximately $2 billion in Bitcoin. These holdings were acquired at an average price of $32,000, with the companies now sitting on nearly $1.5 billion in profits. Tesla holds 11,509 BTC, while SpaceX holds 8,285 BTC, solidifying their positions as two of the largest corporate holders of Bitcoin.

While Tesla’s Bitcoin holdings have been public knowledge since 2021, SpaceX’s stash was only recently confirmed through wallet tracking. This serves as a testament to how major corporations may quietly accumulate and benefit from cryptocurrencies over time.

In other news, Bitcoin whales have been making significant moves in the market. A recent influx of 61,000 BTC to exchanges on July 17 marked the largest single-day inflow in over a year. This led to a 4% drop in Bitcoin’s price, pulling it down from its recent high of $123,000 to around $117,000–$118,000.

Analysts at Cryptoquant have observed a notable increase in BTC inflows to exchanges, rising from $28 billion to $45 billion between July 14–18. This surge in inflows mirrors patterns seen at previous market peaks, suggesting that whales may have taken advantage of Bitcoin’s new all-time high to cash in their profits.

However, the daily inflows to exchanges are now on the decline. If this trend persists, it could help alleviate selling pressure and provide some relief to the market. This ongoing dynamic between corporate entities like SpaceX and whales in the cryptocurrency market continues to shape the landscape of digital assets.