Elon Musk’s SpaceX has discreetly moved 1,163 BTC, valued at approximately $105.23 million, into new wallets this week, prompting speculation about whether the aerospace company is gearing up for a sale or merely restructuring its reserves. On November 27, sources identified the transaction, highlighting that the bitcoins were transferred from a long-dormant treasury wallet to a new address. The timing of this move coincides with Bitcoin’s resurgence to $91,000, and the magnitude of the transaction may indicate an initial sign of selling pressure. According to data, SpaceX completed a significant transfer amounting to $105.23 million in one large transaction. While the transfer was significant, a brief examination of SpaceX’s treasury activities in recent months indicates that the movements suggest internal restructuring rather than liquidation. Nonetheless, the magnitude of the transaction has prompted investors to question whether this might indicate an early sign of selling pressure.
Intelligence data indicates that the funds have been transferred to a new wallet, which currently shows no direct connections to any exchanges. This distinction holds significance as transfers to exchanges frequently coincide with selling activity. The pattern mirrors a previous transaction from late October, during which SpaceX transferred 281 BTC into a newly established address, with no liquidation occurring afterward. In a noteworthy development, this transfer of 281 BTC follows a previous transaction involving 1,215 BTC valued at $133.68 million that took place in October. The pattern of these movements indicates a steady enhancement or reallocation of cold-storage setups, a strategy that large corporations often implement at regular intervals to ensure custody security. Lookonchain reports that a recent transfer of 1,163 BTC to the new address “bc1q4p” may have been executed for custody purposes at Coinbase Prime.
SpaceX maintains a significant balance following recent developments, holding approximately 6,095 BTC, which is currently valued at $555.637 million. This substantial amount positions the company as one of the largest private corporate holders of Bitcoin. Tesla, another significant venture of Musk, holds a commanding position on the leaderboard with 11,509 BTC, valued at $1.05 billion, making it the 17th largest publicly traded Bitcoin-holding company globally. Even in the absence of definitive proof of selling intent, substantial transfers associated with prominent companies such as SpaceX undeniably sway market sentiment. Bitcoin had just reclaimed the $91,000 mark at the time of the transfer, prompting traders to speculate whether Musk’s company was gearing up to liquidate a portion of its holdings, particularly in light of the company’s previous sell-off during the 2022 bear market.
Bitcoin continues to find its footing following a significant price drop, influenced in part by Owen Gunden, a prominent early investor, who sold off hundreds of millions of dollars in BTC, contributing to the price falling below $90,000 on November 20. However, the evidence surrounding SpaceX’s current transfer continues to indicate consolidation rather than liquidation.