Elon Musk’s SpaceX quietly shifted 1,163 BTC, worth about $105.23 million, into new wallets this week, leading to questions over whether the aerospace giant is preparing for a sale or simply reorganizing its reserves. Blockchain tracker Arkham Intelligence first spotted the transaction on November 27, noting that the bitcoins were moved from a long-dormant treasury wallet into a new address.
The move happened just as Bitcoin reclaimed $91,000, and the size of the transaction could be an early signal of selling pressure.
SpaceX’s Bitcoin Transfer: Is This Selling Pressure?
Data from Arkham Intelligence shows that SpaceX executed the $105.23 million transfer in a single large movement. Although the transfer was substantial, a quick look at SpaceX’s treasury behavior in recent months shows that the activity points to internal restructuring rather than liquidation. Still, the scale of the transaction has left investors asking whether this could be an early signal of selling pressure.
Intelligence data shows that the funds were pushed into a new wallet with no immediate ties to exchanges. This difference is important because transfers to exchanges often come with selling activity.
Instead, the pattern follows an earlier transaction in late October, when SpaceX moved 281 BTC into a newly created address without any subsequent liquidation. Interestingly, this 281 BTC transfer was preceded by a similar transfer of 1,215 BTC worth $133.68 million in October.
The consistency of these movements suggests a gradual upgrade or redistribution of cold-storage arrangements, something that major corporations tend to do periodically to maintain custody security. According to Lookonchain, the recent transfer of 1,163 BTC to the new address “bc1q4p” was possibly made to Coinbase Prime for custody.
SpaceX’s balance is substantial even after the recent movement, with roughly 6,095 BTC still under its control, an amount currently valued at $555.637 million and large enough to place the company among the biggest private corporate holders of Bitcoin.
Tesla, Musk’s other major enterprise, sits even higher on the leaderboard with 11,509 BTC valued at $1.05 billion, ranking it as the 17th largest publicly traded Bitcoin-holding company in the world.
Could SpaceX’s Movements Still Impact Market Sentiment?
Despite the absence of clear evidence of selling intent, large transfers tied to high-profile companies like SpaceX inevitably influence sentiment. Bitcoin had just regained the $91,000 region at the time of the transfer, and traders immediately questioned whether Musk’s company might be preparing to offload part of its holdings, especially given the company’s sell-off history during the 2022 bear market.
Bitcoin is still stabilizing after a price crash encouraged in part by Owen Gunden, one of the earliest high-profile holders, who unloaded hundreds of millions of dollars’ worth of BTC and helped drag the price below $90,000 on November 20. However, the evidence behind SpaceX’s current transfer is still pointing to consolidation rather than liquidation.
Featured image from Getty Images, chart from Tradingview.com
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