SpaceX Bitcoin Wallet Moves $152M After Years of Inactivity: What It Means for BTC Price

SpaceX Shocks Crypto Markets with $152 Million Bitcoin Transfer After Three Years

A blockchain wallet linked to SpaceX, Elon Musk's renowned space exploration company, has made waves in the cryptocurrency world by transferring roughly $152 million worth of Bitcoin after years of dormancy. The movement of 1,308.45 BTC on July 22, as tracked by blockchain intelligence platform Arkham, has reignited discussion about how large corporate holders can shape Bitcoin's price trajectory.

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Tracing SpaceX’s Bitcoin Activity on the Blockchain

Arkham Intelligence reports that before this significant transaction, the SpaceX-associated wallet sent a minor transaction fee—a mere 0.000248 BTC ($29)—to Coinbase Prime. Crucially, this wallet hadn't seen any activity for nearly four years, last receiving multiple, substantial Bitcoin transfers from Coinbase-linked wallets, with each deposit ranging between 1,100 and 1,279 BTC.

Public attention toward SpaceX's crypto treasury first surged in 2021 after Elon Musk revealed during The ₿ Word conference that the company held Bitcoin on its balance sheet. Although the exact figure was not disclosed, later investigative reporting by The Wall Street Journal estimated that SpaceX had written down the value of its Bitcoin by $373 million after the cryptocurrency’s dramatic fall in 2022.

On-chain data suggested SpaceX's Bitcoin reserves dwindled close to zero by the end of that year, though this figure remains unconfirmed. The company has since gradually rebuilt its crypto holdings, amassing about 8,285 BTC by September 2024. With the latest movement, SpaceX’s current Bitcoin reserves stand at roughly 6,977 BTC with a market value of $822.65 million, reinforcing its position among the world's largest corporate Bitcoin holders—alongside titans like MicroStrategy and Tesla. Notably, all of SpaceX's Bitcoin is custodied by Coinbase Prime.

Shifting Corporate Attitudes Toward Bitcoin

Both SpaceX and Tesla famously distanced themselves from Bitcoin in 2021, citing the environmental toll of Bitcoin mining on global energy usage, which led to Tesla suspending BTC payment options. However, 2024 has marked a shift in tone. Elon Musk recently announced plans to launch a new political party supportive of Bitcoin in the U.S.—a move interpreted by many as renewed confidence in the world’s leading cryptocurrency.

There is growing speculation that SpaceX could soon mirror other prominent corporations, such as MicroStrategy and Trump Media, by formally adopting Bitcoin as a key reserve asset and strategic treasury component. Such moves are often seen as pivotal in mainstream crypto adoption and in supporting long-term bullish trends.

Will the SpaceX Bitcoin Transfer Impact BTC Price?

The motivation behind SpaceX’s transfer remains uncertain—whether it signifies a potential sale or simply internal wallet management. This ambiguity has prompted measured caution among traders, with some fearing a wave of selling pressure if SpaceX decides to cash out a portion of its significant Bitcoin holdings.

However, several market observers suggest the transfer is likely part of routine asset security measures or an internal reallocation to a new custodial address, rather than liquidation. Robustness in the broader digital asset market is also a key factor. For instance, when the German government sold approximately 50,000 BTC worth $2.9 billion in mid-2024, Bitcoin dropped briefly but rebounded above the $60,000 mark soon after the forced sales concluded.

Given the prevailing bullish momentum in Bitcoin and widespread institutional interest, analysts believe the market is better equipped than ever to absorb large-scale transfers without unduly negative, long-lasting price impacts.

Market Outlook: Short-Term Volatility or Continued Uptrend?

As of the latest data, Bitcoin (BTC) was trading at $118,134—a 3.7% dip from its all-time high. CryptoQuant analysts note potential for some short-term weakness in Bitcoin price. The reason? Retail investors in the U.S., South Korea, and on Binance are reportedly trimming their exposure amid global macroeconomic uncertainty.

Nevertheless, increased activity from Bitcoin whales—major institutional and corporate buyers—appears to be offsetting sell-side pressures. In addition, technical indicators suggest Bitcoin’s long-term uptrend remains intact, supported by rising on-chain accumulation and growing interest from large-scale investors.

In summary, while SpaceX’s bold BTC movement has captured the crypto community’s attention, current market conditions suggest Bitcoin is resilient enough to withstand sizable transfers, maintaining its status as the premier cryptocurrency asset for both retail and institutional investors.