SpaceX Transfers $100M in Bitcoin: Market Speculations Rise
SpaceX Executes Major Bitcoin Transfer
SpaceX, led by Elon Musk, transferred 1,083 BTC on Friday, as reported by blockchain analytics firm Arkham Intelligence. This marks the company's eighth Bitcoin movement, stirring discussions in the crypto community as Bitcoin's value dipped to $91,000 ahead of key financial events.
Details of the Bitcoin Transfer
On December 5, on-chain analyst Lookonchain noted that SpaceX moved nearly $100 million in Bitcoin to a new wallet, diverging from previous patterns. The transaction, possibly aimed at custody purposes, involved sending BTC to Coinbase Prime.
- Arkham's data indicated over 1,083 BTC were moved from SpaceX's wallet.
- Unspent 283 BTC worth $31.33 million were moved to a wallet labeled ‘bc1qrzg’.
- Spent BTC worth $162.48 million were transferred to Coinbase Prime.
- The remaining 800 BTC, valued at $73.73 million, were relocated to ‘bc1qyh’.
SpaceX's primary wallet still holds 5,012 BTC, valued at approximately $461.7 million. These periodic transfers suggest a strategic approach to managing Bitcoin holdings.
Increased Transfer Activity Post-Market Crash
Following the October 10 market downturn, SpaceX's Bitcoin outflows to unknown wallets surged. In the past two months, the company completed seven transactions, with four leading to new wallets. This has fueled speculation about potential selloffs or asset restructuring by Elon Musk in anticipation of market changes.
The timing of this latest transfer coincides with the upcoming US PCE inflation data release, an event that could influence market dynamics.
Bitcoin Price Fluctuations
The recent Bitcoin transfer coincided with a price dip, dropping over 1% and extending a 3% decline from $94,000. Currently trading at $91,135, Bitcoin's trading volume has decreased by 18%, reflecting reduced trader interest as the market braces for crypto options expiry.
According to CoinGlass, the derivatives market has shown increased selling activity. BTC futures open interest dropped by 1.45% to $59.28 billion in the past day, with CME and Binance experiencing declines of over 2.60% and 2.07%, respectively.