SpaceX, owned by Musk, transferred $152 million in Bitcoin after three years; how did the market react?

Elon Musk's SpaceX has once again drawn attention to its Bitcoin Wallet after three years of silence, transferring over $150 million worth of Bitcoin. This transaction indicates that SpaceX may have conducted a wallet reorganization regarding its Bitcoin holdings, with a total holding still as high as 6,977 BTC. Although this transfer did not have a significant impact on the market, it provides important clues about SpaceX's future Bitcoin strategy and potential market trends.

SpaceX reactivates Bitcoin Wallet after three years According to data from the blockchain analysis platform Arkham Intelligence, SpaceX executed a large Bitcoin transfer on July 22, moving 1,308.45 BTC, worth approximately $152.85 million, to a new address. This is the largest transfer conducted by the SpaceX Wallet after more than three years of silence.

The transaction fee for this transfer is 0.00024831 BTC (approximately 29 USD), which is relatively low, demonstrating SpaceX's control over costs during asset restructuring.

Historical Transfer Records and Wallet Reconstruction Historical trading records show that in the past three to four years, SpaceX has received multiple Bitcoin inflows from DEX wallets, with single deposits ranging from 1,100 to 1,279 BTC. At that time, the dollar value of these Bitcoins exceeded 1.6 billion dollars during the 2021 bull market, but the current market value of SpaceX's Bitcoin assets is approximately 818.3 million dollars.

Arkham's asset tracking data shows that SpaceX currently holds 6,977 BTC, and these Bitcoins are stored in a CEX custody account. It is worth noting that the receiving address has not utilized these funds, which may indicate that this transfer is part of a wallet reorganization, possibly aimed at enhancing security or re-planning cold storage protocols.

The Relationship between SpaceX and Bitcoin The first time SpaceX made headlines due to Bitcoin was in 2021, when Elon Musk publicly stated that the company held Bitcoin, but did not disclose the specific amount. Subsequent reports revealed that by early 2021, SpaceX held approximately 25,724 BTC, valued at around $373 million.

However, SpaceX reportedly wrote down $373 million in Bitcoin assets in 2021 and 2022, and may have sold all or most of its Bitcoins. According to documents reviewed by The Wall Street Journal, these Bitcoin assets were recorded on SpaceX's balance sheet, but it is unclear whether they were all sold.

In 2021, Elon Musk confirmed SpaceX's investment in Bitcoin, coinciding with Tesla's purchase of Bitcoin for 1.5 billion dollars, matching the historical high of Bitcoin prices. Subsequently, Tesla sold 75% of its Bitcoin in the second quarter of 2022, gaining 936 million dollars, while the remaining 18.4 billion dollars worth of Bitcoin is still held by it.

Conclusion: SpaceX's Bitcoin transfer has once again sparked market attention on its cryptocurrency asset strategy. Although the transfer has not had a direct impact on the market at this time, it may suggest that SpaceX is reevaluating its Bitcoin holdings and undergoing asset restructuring. As Elon Musk and SpaceX's influence in the crypto space continues to grow, it may have a more profound effect on the market in the future.