Elon Musk’s SpaceX Just Moved $152 Million in Bitcoin, Are Whales Dumping?

SpaceX has just made a major on-chain Bitcoin move for the first time in 3 years. According to data from crypto analytics platform Arkham, SpaceX transferred 1,308 BTC (worth around $152 million) to an unknown wallet earlier today.

SpaceX Moves BTC for First Time Since 2022

The transaction occurred at 13:09 (UTC+8) and is the first since June 2022, when SpaceX sent 3,505 BTC to Coinbase. SpaceX still holds 6,977 BTC, valued at roughly $815 million. The unexpected transfer has sparked curiosity in the community. 

The BTC hasn’t moved since the transfer, which shows that it might just be an internal shuffle, likely for added security or cold storage reorganization.

Arkham had previously reported that Tesla and SpaceX together held around $2 billion in Bitcoin. Both companies bought them at an average price of $32,000 and are now up almost $1.5 billion on Bitcoin. While Tesla’s BTC holdings have been public since 2021, SpaceX’s stash was only recently confirmed through wallet tracking. This shows how major firms may hold crypto quietly and profit big over time.

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Whales Take Profits as BTC Hits New High

Bitcoin whales made waves in the market recently. On July 17, they moved a massive 61,000 BTC to exchanges, marking the biggest single-day inflow in over a year. This triggered a 4% dip, pulling Bitcoin down from its $123K high to around $117K–$118K.

Cryptoquant analysts note that over the past few days, BTC inflows to exchanges jumped by nearly $17B, rising from $28B to $45B between July 14–18. The spike in inflows was similar to what was seen at the previous market tops. This suggests that whales may have used Bitcoin’s new all-time high to take profits. 

However, the daily inflows are now declining, and if the trend continues, it could help ease selling pressure and give the market some breathing room.

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