Elon Musk’s aerospace company, SpaceX, has stirred the crypto space after moving 1,308 Bitcoin—worth approximately $153 million—for the first time in three years. The move has triggered widespread speculation, especially as Musk continues to explore political ambitions and possible new treasury strategies for his businesses.
According to data from blockchain tracker Lookonchain, the transaction was made on July 22 from a wallet previously associated with SpaceX. The funds were sent to a fresh address labelled bc1q8k. This comes after the same wallet sold 3,505 BTC, then worth about $103.4 million, three years ago. At the current market rate, the wallet now reportedly holds around 6,977 BTC, valued at $817.9 million.
Meanwhile, another large movement was recorded, with 1,221 BTC—worth roughly $142.75 million—transferred between unidentified wallets. These high-volume transactions have added to market jitters at a time when technical indicators suggest Bitcoin is nearing oversold territory, and ETF outflows are dampening sentiment.
Following the transfers, Bitcoin’s price dipped 1% over the last 24 hours, currently sitting at $117,714. It saw a daily low of $116,233 and a high of $119,671. At the same time, trading volume rose 20%, signalling renewed activity among market participants.
Data from CoinGlass suggests that the move impacted the derivatives space as well. Open interest in Bitcoin futures declined, with a 0.6% drop over 24 hours to $84.84 billion. On the 4-hour chart, open interest on CME and Binance dropped 1.98% and 0.35%, respectively, hinting at mild bearishness among traders reacting to the developments.
While the reason behind the transfer remains unconfirmed, it could be tied to ongoing strategic shifts within Musk’s broader network, possibly linked to his proposed “American Party” or new plans involving a formal Bitcoin treasury at SpaceX.
