SpaceX Moves $257M in Bitcoin Twice, Fueling Sell Speculation
SpaceX transferred $257 million in Bitcoin across two wallets for the second time in three months. According to blockchain analytics provider Nansen, one wallet sent $130 million and another $127 million. Neither receiving address has moved or sold the funds, and SpaceX has not commented on the purpose of these transactions.
This follows a $153 million BTC transfer in July, marking the company’s first Bitcoin movement since 2022. Large institutional BTC transfers often precede sell pressure. On-chain data now shows these Bitcoin holdings at rest, but any future movement could trigger market volatility.
Meanwhile, SpaceX faces external pressure after NASA opened lunar lander contracts to competitors due to Starship delays. Market observers suggest these high-profile transfers may reflect shifts in corporate cash strategy. Crypto traders should monitor wallet activity closely for early indicators of price swings.
Bearish
The second major Bitcoin transfer by SpaceX within three months intensifies sell speculation. Large institutional BTC moves often precede increased sell pressure, prompting short-term bearish sentiment. Recipients have not yet moved funds, but any liquidation could trigger volatility. While the long-term impact hinges on whether these transfers lead to actual sales or internal reallocation, traders are likely to adopt a cautious stance until on-chain movements clarify SpaceX’s crypto strategy.