SpaceX moved 1,308 BTC after three years inactivity

A dormant SpaceX Bitcoin wallet suddenly moved 1,308.45 BTC, valued at about $152.85 million, to a brand new address on Tuesday, according to data from Arkham Intelligence.

The crypto hadn’t been touched in over three years. The only action before the transfer was a tiny test transaction of 0.000248 BTC (less than $30) sent to Coinbase Prime, likely to confirm the path before shifting the full amount. Once the test went through, the massive amount was sent in a single shot.

Despite the transaction’s size, the fee paid was just 0.00024831 BTC, or roughly $29. That’s less than what you’d pay for a decent lunch, and it moved nine figures’ worth of Bitcoin.

The receiving address hasn’t spent a single coin so far. That points to a potential cold storage reshuffle or internal security upgrade, not a sale.

SpaceX still holds over 6,900 BTC under Coinbase Prime

Blockchain logs show that SpaceX had received multiple large deposits from Coinbase between three and four years ago. These transfers ranged from 1,100 to 1,279 BTC each. Back when Bitcoin was peaking during the 2021 bull run, those holdings were worth over $1.6 billion.

As of now, Arkham Intelligence’s tracking says the company’s Bitcoin reserves are sitting at around 6,977 BTC, currently held with Coinbase Prime. With today’s market value, that equals roughly $818.3 million, almost half of what it was during the all-time highs.

The first real public confirmation of SpaceX’s Bitcoin investment came in 2021, when Elon Musk said the company had bought in, though he never mentioned how much. Reports that followed showed the firm had about $373 million in BTC on its balance sheet that year. What happened next wasn’t exactly bullish.

Internal records showed the company had written down $373 million in losses across 2021 and 2022 and may have sold some or all of its Bitcoin. But the recent wallet move makes it clear they still have a large stack.

Documents released at the time confirmed SpaceX had booked the BTC as part of its assets, but never made it clear if it dumped the full amount. Elon’s statement followed shortly after Tesla’s $1.5 billion Bitcoin buy, a move that shot Bitcoin to new highs.

Then, in Q2 2022, Tesla sold 75% of its Bitcoin holdings for $936 million, leaving just $184 million worth on the books.

While SpaceX quietly repositions its crypto, the Bitcoin network is also showing some important signs. The asset’s price has cooled slightly in the last week, down about 3%, now trading just under $119,000. After a steady climb over several months, both retail and institutional traders appear to be reassessing their exposure.

On-chain analyst Avocado, writing for CryptoQuant, pointed to a continued drop in Bitcoin’s Unspent Transaction Output (UTXO) count, a key indicator of blockchain activity. He said the decline started around December 2024 and hasn’t stopped. Avocado explained, “The post-ETF approval environment has driven more assets into secure wallets, moving funds off exchanges into institutional-grade custody.”

This reduces the number of small transaction outputs and makes the blockchain leaner and more efficient. It also means less near-term liquidity, with more Bitcoin going into long-term cold storage rather than staying on exchanges ready to trade.

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