Key Notes
- SpaceX just made a massive Bitcoin transaction to an unknown address.
- On-chain movements hint at a potential selloff.
- Bitcoin has been showing signs of a price correction.
SpaceX, a space technology company founded by billionaire Elon Musk, made an on-chain movement for the first time since June 2022.
According to data from Arkham, SpaceX’s Bitcoin
BTC
$118 307
24h volatility:
0.4%
Market cap:
$2.35 T
Vol. 24h:
$42.03 B
address moved 1,308 BTC, currently worth $155 million, to an unknown address. The new wallet interacted with a coinjoin address, a method for combining multiple transactions into one for privacy purposes, just two hours after receiving the funds.
On-chain data shows that the coinjoin address has interacted multiple times with a Binance deposit address.
SpaceX’s movement could suggest that the company might be aiming to sell some of its Bitcoin holdings. Musk’s firm also received $30, just before sending out the $155 million transaction, from Coinbase Prime’s custody gas supplier address.
Despite the outflow, SpaceX still has 6,977 BTC, currently valued at $826 million, according to Arkham data.
Bitcoin declined 1.3% and is trading at $117,750 at the time of writing.
If the new address sends the funds it received from SpaceX to one of the best crypto exchanges, it will likely trigger a short-term selloff for the digital gold after two weeks of strong bullish momentum.
SpaceX’s stock has also been on the rise, from $202 to $239.54, over the past two months. The space tech company is valued at $453 billion.
On July 3, Robinhood announced a SpaceX and OpenAI “stock token giveaway” for its European customers. The announcement faced strong criticism from OpenAI, saying the artificial intelligence firm is not involved in this.
Musk, on the other hand, did not comment on whether there’s any partnership with the broker or not, but still called OpenAI’s equity as “fake.”
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Wahid has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his name and his work has been featured on some of the leading outlets including Yahoo Finance, Investing.com, Cryptox, and Benzinga. Other than reporting, Wahid likes to connect the dots between DeFi and macro on his newsletter, On-chain Monk.
