SpaceX $1B Bitcoin Stake; BTC Dey Fall Because of Treasury News
According to Arkham Intelligence, SpaceX don hold over $1 billion worth of Bitcoin wey dey on-chain, dem get 8,285 BTC wey dem buy between December 2020 and June 2022. Analysts talk say the recent internal transfer of 1,308 BTC no be sale, e mean say SpaceX never add any new Bitcoin since dem sell 70 percent of their holding in 2022. Bitcoin price rise reach almost $124,000 before e drop below $119,000 after US Treasury talk. Tesla still dey hold 11,509 BTC, so the combined Bitcoin wey the two Musk-connected companies get na around $2.42 billion. Traders dey observe say macroeconomic trends and on-chain flows go direct the next movements of Bitcoin.
Neutral
Di tori de news dey talk two kain tin: good on-chain data show say SpaceX Bitcoin money still dey above $1 billion and institutions dey find am well well, but short term, BTC small small drop due to Treasury talk dey make people sell. For short time, traders fit see wahala as price dey follow macro news. For long run, SpaceX and Tesla big holding plus belief say interest rate go drop dey support Bitcoin foundation. Overall, the two different things, short term price small drop and good institution moves, balance as e be to show say market no go too move.