SpaceX Moves 281 Bitcoin to New Wallet
SpaceX, Elon Musk’s space company, transferred 281 Bitcoin worth about $31.28 million to a new wallet. Blockchain analytics firm Lookonchain reported this is SpaceX’s third Bitcoin transfer in ten days.
The move appears related to custody management. It sparked speculation about possible selling, but there is no evidence SpaceX sold any Bitcoin. Data from Arkham shows SpaceX currently holds 7,258 BTC, valued at around $798 million. The current Bitcoin price is $108,529.
SpaceX’s Bitcoin holdings have fluctuated significantly. They peaked at over $1.6 billion in late 2021 and early 2022. Then they fell below $400 million in mid-2022. Since then, the portfolio has gradually recovered and stabilized near its current value.
About a week before, SpaceX moved over $133 million worth of Bitcoin. The company split 1,215 BTC into several wallets. Arkham Intelligence noted that 300 BTC ($33 million) and 915 BTC ($100.7 million) were transferred to new wallets. These wallets are not labeled as controlled by SpaceX.
Tesla’s Bitcoin Holdings and Market Activities
SpaceX is not the only Musk company with large Bitcoin holdings. Tesla holds 11,509 BTC, worth more than $1.27 billion. This places Tesla just outside the top ten publicly traded companies by Bitcoin treasury.
In early 2024, Tesla revised how it values Bitcoin. It reported over $600 million in quarterly profits as prices rose. Tesla last moved around $760 million in Bitcoin in October 2024 and has made no major transfers since.
Crypto Whales Stay Bullish Despite Market Drops
Large crypto investors, known as whales, continue making big bets despite recent market declines. Lookonchain shared that one whale opened a 40x leveraged long position on 179.59 BTC valued at $19.94 million. Another deposited $1.95 million USDC and opened a 25x long on 4,743 ETH worth $18.71 million on Hyperliquid.
Bitcoin dropped 3.83% in the past 24 hours. The overall crypto market fell 3.18% to $3.68 trillion. However, trading volume rose to $181.41 billion, indicating strong market activity.
SpaceX’s Bitcoin transfers are likely for secure storage, not sales. These moves attract attention because major companies’ Bitcoin activities can influence market sentiment and investor behavior.
