SpaceX Shakes Up Bitcoin Market: $152M Moved After Years of Silence

Holy smokes, folks! A wallet linked to Elon Musk's SpaceX just woke up from a 3-year slumber and moved a whopping $152 million in Bitcoin. You heard that right – 1,308.45 BTC blasted off to a fresh address, and the crypto world is buzzing with speculation about what it could mean for the next big price move.

According to the sleuths at Arkham Intelligence, this wild transfer went down on July 22. But get this – before the big move, the SpaceX wallet sent a tiny 0.000248 BTC, worth just $29, to Coinbase Prime. It's like a warm-up before the main event!

And check this out: the last time this wallet saw any action was 3 to 4 years ago, when it was raking in Bitcoin from Coinbase like a champ, with deposits ranging from 1,100 to 1,279 BTC. Talk about a comeback!

For those of you new to the game, SpaceX first rocked the crypto world back in 2021 when Elon Musk spilled the beans at The ₿ Word conference that his aerospace company was stacking sats. No one knew exactly how much, but later reports dropped the bomb that SpaceX had taken a $373 million hit on its Bitcoin holdings and sold off an unknown chunk after the 2022 crash.

Rumors were swirling that SpaceX's Bitcoin stash had hit rock bottom by the end of that year, but it's all hush-hush. Fast forward to now, and they've been steadily rebuilding, holding a cool 8,285 BTC by September 2024.

After this latest mega-transfer, SpaceX is sitting on about 6,977 BTC, valued at a mind-blowing $822.65 million. That puts them in the big leagues with corporate Bitcoin holders like MicroStrategy and Tesla, another Musk brainchild. And get this – all their Bitcoin is chilling with Coinbase Prime.

Remember back in 2021 when both SpaceX and Tesla were throwing shade at Bitcoin over environmental concerns? Tesla even hit pause on BTC payments. But Musk has done a 180. Just this month, he dropped the news that he's launching a new political party in the U.S. that's all about supporting Bitcoin. Talk about a comeback tour!

Now, everyone's wondering if SpaceX is following in the footsteps of big shots like Strategy and Trump Media, who've made Bitcoin a key part of their treasury strategy.

Will Bitcoin Price Crash?

Hold onto your hats, because no one knows if this transfer means SpaceX is selling or just shuffling things around. Traders are on edge, worried that a big sell-off could send prices tumbling.

Some folks are keeping cool, saying it's probably just routine housekeeping or a wallet refresh. No official word from SpaceX, so it's all speculation.

* @SpaceX JUST MOVED BITCOIN FOR THE FIRST TIME IN 3 YEARS

I believe this move is just good house keeping. There is the small chance this is moving to sell but there is ZERO acknowledgement of this, so the assumption is moving the BTC to a fresh wallet. pic.twitter.com/6JrPxlOLOf

We've seen the market handle big liquidations before. Remember when the German government dumped nearly 50,000 BTC, worth $2.9 billion, in just a few weeks back in mid-2024? Prices dipped into the low-$50,000s, but bounced back above $60,000 once the dust settled.

With the market feeling bullish right now, it looks like it could handle any selling pressure from SpaceX's move without sending Bitcoin on a long-term nosedive.

At the time of writing, Bitcoin was trading at $118,134, down 3.7% from its all-time high. CryptoQuant analysts are saying there might be some short-term downward pressure as retail traders are pulling back in the U.S., South Korea, and on Binance. But hey, whales are still gobbling up Bitcoin, and the technicals are pointing to an uptrend.

Disclosure: This article is for your education and entertainment, not investment advice. Keep it fun, keep it safe, and keep it real!