SpaceX transferred 134 million bitcoins to new wallets, and this volume of large purchases triggered questions regarding the intention of such transactions.
Data from a blockchain analytics firm called Arkham Intelligence shows that SpaceX transferred some 134 million in bitcoin (BTC) to new wallets.
The second significant BTC transfer of the aerospace company in a couple of days occurred on October 24, a few days after the aerospace company transferred $268 million.
According to Arkham data, SpaceX liquidated 300 BTC valued at $33 million and 915 BTC valued at 100.7 million.
SpaceX also has approximately 6,970 BTC in total, which is worth approximately 770 million in today’s market.
What Explains SpaceX’s Sudden Bitcoin Moves?
This was a whirlwind of action following several months of SpaceX Bitcoin wallet inactivity that left industry observers to speculate what the company is getting ready to do.
Traders following the blockchain indicate such transfers to be tactical wallet rearrangements and not sales.
The transfers seem to be internal transfers to newer wallets, possibly to increase security or custody terms.
Particularly, a portion of these funds momentarily reached Coinbase Prime wallets, suggesting the possibility of custody services.
Elon Musk has a record with Bitcoin, where Tesla owns approximately 11,509 BTC worth 1.24 billion, but Tesla sold the majority of its investments in 2022. The new SpaceX enthusiasm for Bitcoin may indicate a fresh crypto positioning of the enterprise by Musk.
The time and size of every transfer create hype in the crypto community and raise the question of what SpaceX intends to do with digital assets over time.
Such Bitcoin activities by SpaceX reflect a strong involvement with crypto assets in the changing market conditions.
Details about the intention of SpaceX are not disclosed, but the information proves that they rearrange their large holdings of Bitcoin on purpose.
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