SpaceX BTC wallet awakens from three months dormancy, transfers $268.5M of BTC

Based on on-chain data, SpaceX has transferred $268 million worth of Bitcoin to two new wallets after three months of dormancy. The transfer marks the second major wallet activity for the firm this year. 

Arkham Intelligence tracker revealed today that SpaceX transferred 2,485 BTC worth about $268.47 million to two new addresses. The token was distributed as follows: 1,197 BTC to the first address and 1,298 BTC to the second address.

Following the transfer, no outgoing sales have been recorded so far, suggesting an internal restructuring of cold storage or a change in custodial arrangements.

SpaceX holdings drop to 5.79K on Coinbase Prime Custody

The latest wallet transfers mark the second major movement after the July transfer reported on Cryptopolitan, which saw 1,308 BTC worth roughly $153 million at the time being moved after almost three years of inactivity. The wallet showed no activities afterward, indicating that the movement could have been an internal custodial change. 

SpaceX’s total holdings in July were 6,977 BTC held through Coinbase Prime Custody, valued at around $818 million at the time.

Currently, the firm has roughly 5,790 BTC via its Coinbase Prime Custody account, valued at around $626.4 million based on Arkham on-chain data. So far, the aerospace technology firm has not made any official statement, but the on-chain activity suggests it is repositioning part of its Bitcoin holdings.

Elon Musk’s firm Bitcoin holdings became public in 2021 when he confirmed that Tesla had acquired BTC. Later, filings revealed SpaceX had written down approximately $373 million in digital asset losses through the 2021-2022 market shakedown. 

On the other hand, Tesla sold most of its holdings towards the end of 2022, leaving SpaceX to make infrequent but notable adjustments, which some analysts say aimed to improve security, custody, and transparency. However, along the way, the automobile firm regained its holdings with over 1,150.9 BTC, currently valued at roughly $1.24 billion based on on-chain data.

Institutional holders rebalance Bitcoin exposure 

CryptoQuant analysis identified that long-term holders (LTHs) have reduced their holdings by roughly 337,300 BTC, and short-term holders (STHs), on the other hand, have added 351,100 BTC, indicating a significant redistribution of Bitcoin supply.

At the time of publication, Bitcoin traded at $107,753, down 2.6% over the past 24 hours and 3% over the week, according to CoinMarketCap. The token has also maintained an average of $61.33 billion trading volume over the past 24 hours, marking an increase in volatility by over 4%. 

Despite the downturn, institutional inflows from ETFs and corporate treasuries have remained stable, cushioning the decline. SoSoValue data shows the US spot Bitcoin ETF has recorded a $40.47 million net outflow over the past 24 hours and a cumulative net inflow of $61.5 billion as of today. The total net assets stand at $149.66 billion, representing roughly 6.7% of the tokens’ total supply. 

SpaceX’s Bitcoin holding strategy mimics the broad ecosystem trend of large corporations integrating BTC and other digital assets into their treasury strategies. Examples such as Strategy and Marathon Digital firms view BTC as a reserve asset that can be incorporated into a company’s financial strategy as an investment alternative. 

For now, it remains speculative whether the aerospace engineering firm will remain committed to long-term holding and whether the current movement will maintain significant exposure while optimizing custody and compliance structures.

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