Why Did Elon Musk’s SpaceX Suddenly Unload $268M in Bitcoin After Sitting on It for 3 Months?
Ever wonder what it looks like when a space exploration giant decides to stir the crypto pot? Well, Elon Musk’s SpaceX just did exactly that, moving a jaw-dropping $268 million worth of Bitcoin—its first significant transaction in nearly three months. It’s like watching a slumbering giant finally stretch and shake off the dust! After a three-year crypto hiatus, SpaceX dipped its toes back into the Bitcoin waters this past July with a hefty $150 million transfer—and now, they’ve taken another bold step that left many of us scratching our heads and raising eyebrows. Why re-engage now, and what does it signal in these jittery economic times? Keep your seatbelts fastened, because this cosmic crypto shuffle might just launch new ripples across global markets. LEARN MORE
In July, SpaceX transferred $150 million worth of Bitcoin after not engaging in crypto transactions for three years.
Key Takeaways
- SpaceX transferred 2,495 Bitcoin worth $268 million in its first on-chain transaction in nearly three months.
- After the move, the SpaceX-linked wallet still holds 5,790 Bitcoin valued at $625 million.
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A SpaceX-associated wallet moved around 2,495 Bitcoin (BTC) worth approximately $268 million to new addresses today, Arkham data shows.
The wallet, labeled as belonging to Elon Musk’s space exploration company, last showed activity on July 22 when it transferred $153 million in Bitcoin, its first movement in three years.
After today’s transfer, the SpaceX-linked wallet maintains a balance of 5,790 Bitcoin, valued at approximately $625 million at current prices.
Bitcoin fell below $108,000 amid US-China trade tensions and global macroeconomic uncertainties, which triggered risk-off sentiment across global markets. ETF data shows investors pulling funds, with US spot Bitcoin ETFs posting $40M in outflows on Monday, including $100M in redemptions from BlackRock’s iShares Bitcoin Trust.
Market strategists expect heightened volatility to persist until trade conditions stabilize.
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