Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Elon Musk’s SpaceXhas raised eyebrows in the crypto community, following the transfer of its Bitcoin holdings for the first time in three years. This has raised concerns about the possibility of the company looking to offload its coins. Elon Musk’s SpaceX Transfers Bitcoin Holdings To A Fresh Address
In an X post, onchain analytics platform Arkham Intelligencerevealed that Elon Musk’s SpaceX just moved Bitcoin for the first time in three years. The company sent 1,300 BTC ($153 million) to a fresh address this morning. Arkham then questioned whether this transfer was simply a move to cycle custody wallets or a plan to sell. Related Reading The Final Bitcoin Act: Here’s What To Expect As BTC Trends Sideways 2 days ago
SpaceX transferred the funds to an unknown wallet (bc1q8….phartf), which suggests that this move is just for custody purposes rather than to sell them. Notably, the last time Elon Musk’s company moved some of its Bitcoin holdings was to Coinbase, three years ago, which was more of an indication to sell than this recent transfer.
There is a possibility that Elon Musk’s SpaceX would have likely moved this $153 million to Coinbase again, rather than to a new address, if it intended to offload these coins. Arkham datashows that the coins in the fresh address remain untouched following the transfer. Meanwhile, it is worth noting that the company still holds 6,977 BTC ($827.41 million) in its recognized wallets.
SpaceX first disclosed its Bitcoin holdings in 2021. This was around the same time that Elon Musk’s Teslaalso announced it had purchased Bitcoin and was exploring the possibility of accepting BTC as a payment option. Arkham datashows that Tesla 11,509 BTC, worth around $1.37 billion.
Tesla hasn’t moved any of its coins in the last nine months. Meanwhile, the company also ranks as the 10th largest public Bitcoin treasury, according to BitcoinTreasuries’ data. Musk’s Belief In Bitcoin Is Growing
Elon Musk’s belief in Bitcoin’s potential as a hedge looks to be growing, which again makes it unlikely that SpaceX is looking to offload its coins with its recent transfer. Earlier this month, the world’s richest man confirmedthat his America Party will embrace Bitcoin as “fiat is hopeless.” He made this comment amid the passing of the Big Beautiful Bill, which increases government spending and is bullish for BTC since it has a limited supply compared to the dollar. Related Reading Hold On For Dear Life: This Bullish Bitcoin Metric Just Touched A 15-Year High 2 days ago
Elon Musk had also allegedly liked a commentmade by a crypto community member about the world’s richest man possibly stacking Bitcoin, given the government’s impending money printing. This suggests that Musk may indeed be looking to invest heavily in Bitcoin. BTC maximalist Max Keiser also opinedthat Musk would soon be a maximalist himself.
At the time of writing, the Bitcoin price is trading at around $18,600, up in the last 24 hours, according to datafrom CoinMarketCap. BTC trading at $118,290 on the 1D chart | Source: BTCUSDT on Tradingview.com Featured image from Pixabay, chart from Tradingview.com