Bitcoin

SpaceX Moves $268 Million in Bitcoin After Three-Month Hiatus

18 hours ago
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After three quiet months, @SpaceX is back on the blockchain radar. The aerospace giant has transferred 2,495 BTC, worth about $268.5 million, to two new wallets, its first major Bitcoin movement since July.

According to on-chain data flagged by @spotonchain, the funds were split between two addresses:

  •  1,187 BTC (~$127.8M) sent to bc1qq…4sduw
  •  1,208 BTC (~$130.7M) sent to bc1qj7…6kqef

So far, both addresses remain inactive, with no further transfers or sales observed.

Possible Coinbase Custody Movement

While the transfers sparked speculation about a sale, analysts suggest this may simply be a wallet reorganization rather than an offload.

In July, SpaceX conducted a similar movement, later identified by Arkham Intelligence as linked to Coinbase Prime Custody, a storage service used by institutions for cold-wallet restructuring.

That earlier transfer triggered waves of concern in the market, with many assuming SpaceX was liquidating Bitcoin holdings. However, blockchain data later confirmed it was an internal movement, not a market sale.

This week’s pattern looks strikingly similar.

Remaining Holdings Still Substantial

Despite the recent transfer, SpaceX still holds a massive 5,790 BTC, valued at around $624 million based on current prices.

As of today, Bitcoin (BTC) trades near $53,870, according to CoinMarketCap, reflecting a modest uptick amid broader market stabilization.

If all current holdings were to move, it could exert short-term pressure on liquidity, but the lack of further exchange deposits so far signals no immediate sell intent.

Institutional Wallet Flows Back in Focus

SpaceX’s Bitcoin activity has long fascinated both traders and analysts. The company reportedly purchased hundreds of millions worth of BTC in 2021, around the same period Tesla announced its own exposure.

These recent transactions rekindle curiosity about corporate Bitcoin strategies as institutions quietly accumulate or reorganize holdings amid market volatility.

The aerospace firm’s decision to move funds right as Bitcoin consolidates could reflect custodial optimization, a security upgrade, or preparation for new asset management infrastructure.

So far, neither SpaceX nor CEO Elon Musk has commented on the transfer.

Broader On-Chain Trend: Long-Term Holders Distribute

While SpaceX moves make headlines, another on-chain story unfolds behind the scenes.

According to @glassnode, long-term Bitcoin holders (LTHs) have increased their selling pace over the past few weeks, contributing to growing market distribution pressure.

Data shows LTH supply declined by 28,000 BTC since October 15th, meaning these older investors have spent more coins than the amount “aging” into long-term status from short-term holders.

This shift signals active net distribution, not just passive maturation, a sign that even long-standing holders are trimming exposure amid uncertain price action.

Outflows Accelerate to Multi-Month High

The 30-day simple moving average (SMA) of LTH outflows has climbed sharply.

What began as an average of around 12,500 BTC/day in early July has now surged to 22,500 BTC/day, marking nearly an 80% rise in long-term selling pressure.

This kind of distribution typically happens near cycle transitions, when investors take profit or rebalance portfolios after extended accumulation phases.

Despite this, on-chain analysts suggest the broader structure of Bitcoin ownership remains resilient, with exchange reserves continuing to trend lower, meaning fewer coins are being kept on trading platforms.

Market Reactions Stay Muted

Interestingly, the market’s immediate reaction to SpaceX’s transfer was limited.

The muted response may reflect how better blockchain transparency and smarter investor sentiment have evolved over time, a sharp contrast to earlier years when institutional wallet movements caused panic.

Traders now distinguish between custodial reorganization and real exchange deposits, minimizing false alarms.

Context: Bitcoin’s Institutional Narrative

SpaceX’s continued on-chain presence reinforces how Bitcoin remains intertwined with corporate balance sheets, especially among U.S. tech giants.

Though Musk has remained quiet about crypto since 2022, both Tesla and SpaceX have reportedly maintained partial exposure.

These holdings reflect a broader shift in corporate treasury management, as Bitcoin matures into a macro hedge asset comparable to gold.

With inflation concerns persisting and global liquidity tightening, even modest institutional allocations can drive substantial market impact.

Analysts: Watch for Confirmation

For now, all indicators suggest no direct selling pressure from SpaceX.

Still, analysts will be watching Coinbase and other major exchanges for any subsequent inflows from the same wallets, a telltale sign of potential liquidation.

If funds remain idle, it strengthens the case that this is an internal storage adjustment, not an exit.

@ai_9684xtpa noted in their X post that the timing and structure of the transfer mimic July’s pattern almost exactly, adding that SpaceX may be migrating funds to “new custody architecture.”

Meanwhile, the LTH behavior shift could act as a short-term dampener on price momentum.

Excessive distribution from older wallets tends to increase market supply, especially during low-volume phases.

However, as seen in past cycles, this type of spending can also signal early re-accumulation phases, when smart money sells into strength before repositioning at lower levels.

If demand from ETFs and institutional desks persists, that new supply could be absorbed quickly.

Conclusion: Quiet but Significant

SpaceX’s $268 million Bitcoin movement might seem like routine bookkeeping, but its timing and scale underscore how deeply institutional adoption has embedded into crypto’s core infrastructure.

At the same time, rising long-term holder activity adds a new dimension to the market, a subtle tug-of-war between old money taking profit and new capital entering through custodians and funds.

For now, Bitcoin’s on-chain story continues to evolve quietly but steadily.

And as the world’s most innovative private company moves hundreds of millions in BTC again, it serves as a reminder: institutional crypto activity never truly stops, it only hides in plain sight.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Source: https://nulltx.com/spacex-moves-268-million-in-bitcoin-after-three-month-hiatus/