Elon Musk’s SpaceX jolted the cryptocurrency market today by transferring 1,308 Bitcoin (worth $153 million) from a long-dormant wallet to a new address. The move marks the company’s first blockchain activity since June 2022, when it liquidated nearly 8,000 BTC during a market downturn.
Arkham Intelligence records confirm the July 22 transfer originated from a wallet labeled "SpaceX (15oKQ)" and landed at an undisclosed destination (bc1q8ka...). Unlike the 2022 outflows directed to Coinbase exchange wallets, this new address shows no ties to trading platforms signaling potential portfolio reorganization rather than imminent liquidation.
The reactivation follows a familiar pattern: Hours before the transfer, Coinbase Prime’s gas supplier sent a $29 "fee cushion" to SpaceX’s wallet. This procedural fingerprint matches SpaceX’s 2022 behavior, when micro-transactions preceded major sell-offs.
Historical Context:
- May–June 2022: SpaceX moved 8,381 BTC (worth ~$200M then) to Coinbase in six transactions.
- Peak single-day outflow: 3,505 BTC ($102M) on June 10, 2022.
- Bitcoin traded at $30,000 during disposals vs. $117,000 today.
Market analysts highlight strategic implications. Transferring coins internally instead of depositing to exchanges suggests renewed institutional confidence. The timing aligns with Bitcoin’s 2025 bull run, positioning SpaceX’s remaining stash at a 290% premium to its 2022 sales prices.
"Cold storage movements don’t equal sell pressure," - Chainalysis lead economist Philip Gradwell.
As of publication, SpaceX hasn’t commented on whether the transfer precedes treasury diversification, corporate expenditure, or long-term custody. The dormant BTC’s revival underscores institutional crypto’s evolving role in blue-chip balance sheets.