After nearly three years, Arkham Intelligence data shows Elon Musk’s SpaceX shifted 1308 Bitcoin (BTC) worth $153 million to a new wallet.
The transfer’s purpose is unknown. The space exploration corporation may be reorganizing or storing its assets in cold storage. Arkham possesses 6977 BTC worth $823.9 million.
Bitcoin Falls After Musk Transfers SpaceX Wallet
Bitcoin (BTC) reached $122,834 on July 14, a record high. The original cryptocurrency dropped to $188,000.
BTC fell 0.6% in 24 hours. Even after the decline, the asset trades in the green zone across different time horizons. BTC is up 1.2% weekly, 9.1% 14-day, 15% month-over-month, and 75.6% since July 2024.
Bitcoin (BTC) has dropped slightly in recent days. Investors taking profits when the asset peaked may explain the drop. Elon Musk’s SpaceX Bitcoin (BTC) transfer may have alarmed investors.
Thus far, the corporation has not sold its BTC holdings. Musk is passionate about supporting cryptocurrencies. Many of his businesses accept crypto payments, mainly Dogecoin (DOGE) and BTC.
If investors keep booking profits, BTC may fall. Institutional ETF inflows may have driven BTC’s recent surge. The market may go in either direction in the following days.
BTC’s fear and greed index remains “Greed”. This could cause another asset rally.
