SpaceX Moves 1,308 BTC via Coinbase After 3-Year Dormancy

SpaceX moved 1,308.45 BTC (~$153 million) of Bitcoin to a new address via Coinbase Prime after nearly three years of dormancy. The transfer cut its holdings from about 8,285 BTC to roughly 6,977 BTC. On-chain data shows the funds then passed through a CoinJoin mixer service toward a Binance deposit gateway. The wallet’s last major activity dates back to 2021, when SpaceX first disclosed its Bitcoin holdings and later sold part of its stash during the 2022 downturn. With no official comment, traders are split on whether this signals an upcoming sale or internal rebalancing. Historical whale events, such as Germany’s mid-2024 sale of 50,000 BTC, caused only brief price dips before recovery. Given ongoing whale accumulation and a bullish crypto backdrop, analysts view this as routine BTC wallet management with limited long-term impact on the Bitcoin uptrend. Market participants should monitor on-chain flows and exchange inflows for any short-term selling pressure on Bitcoin.
Neutral
The categorization is neutral because while the unexpected transfer of 1,308 BTC by a SpaceX-linked wallet could trigger short-term selling pressure if the coins enter exchanges, historical precedence shows such large whale movements often lead only to brief price dips followed by recoveries. The absence of an official statement suggests this may be routine rebalancing rather than liquidation. Combined with ongoing whale accumulation and a generally bullish crypto environment, the move is unlikely to significantly alter Bitcoin’s longer-term uptrend. Traders should remain alert to on-chain flow changes for near-term volatility but can expect stability over the medium to long term.