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Key Insights:
- Elon Musk’s Space X moves 15% of its total $1 billion of Bitcoin holdings, for the first time in three years.
- The SpaceX move comes amid broader selling by long-term holders, miners, and OG whales.
- As Bitcoin trades 5% below recent highs at $117K, its market dominance drops to 60%.
SpaceX, Elon Musk’s space exploration firm, has recently moved over 1300 Bitcoin worth $150 million from its holdings to a new wallet, after three years of dormancy. This move sparks the speculation of strong profit-booking by institutions as BTC price retraces more than 5% from its all-time highs of $123,000 last week.
SpaceX Moves $153M in Bitcoin After Three-Year Silence
Elon Musk’s SpaceX has executed its first Bitcoin transaction in over three years, transferring 1,308 BTC, worth approximately $153 million, to an unlabeled wallet.
The move marks the company’s first outbound Bitcoin transfer since June 2022. SpaceX still retains a sizable crypto reserve despite the transfer, now holding 6,977 BTC, currently valued at around $815 million.
This latest move has sparked speculation of profit-booking. Over the past week, institutions, miners, and OG Bitcoin whale wallets from the Satoshi era are moving their Bitcoins to centralized exchanges (CEXs).
Along with Dogecoin (DOGE), Elon Musk has been a supporter of Bitcoin for a long time. His electric-car firm Tesla set the precedent by acquiring Bitcoin in February 2021. Tesla has periodically offloaded its BTC holdings over the last three years. However, it is still the eighth-largest Bitcoin holder currently in the market with total holdings of 11,509 BTC.
Furthermore, Musk endorsed BTC while promoting the idea of an ‘America First Party’ on his recent rift over the Trump administration’s fiscal spending policies. The tech billionaire also called fiat trash amid the dropping value of the US dollar.
Bitcoin Sees Profit-Booking From Long-Term Holders
Long-term Bitcoin holders, whales, and miners have been in a profit-booking mode after Bitcoin price touched an all-time high of $123,000 last week. Since then, BTC has corrected more than 5%, trading 1.51% down at $117,534.
The Bitcoin dominance has been on a strong fall to 60% while the ETH dominance is rising. This shows a potential setup for a strong altcoin season. In its latest Market Pulse report, blockchain analytics firm Glassnode reported that selling pressure is growing. It noted:
With price pulling back slightly after touching a new all-time high, Bitcoin has hovered around $117k throughout the week. In the spot market, RSI has cooled from overheated levels, and spot CVD flipped sharply negative, signaling aggressive selling pressure.
On the other hand, inflows into spot Bitcoin ETFs flipped negative for the first time on Monday since July 1. The net outflows across all US ETF issuers stood at $131 million. BlackRock iShares Bitcoin Trust (IBIT) saw zero inflows, and ARK Invest’s ARKB dominated the outflows at $77 million.
While institutions see profit-booking opportunities, Michael Saylor’s MicroStrategy scooped up another 6,220 Bitcoin on Monday. MSTR now holds a total of 607,770 BTC worth $43.5 billion, and a profit of over $15 billion. MicroStrategy’s year-to-date BTC yield stands at a strong 20.8%.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
