After more than three years of complete inactivity, a Bitcoin wallet belonging to Elon Musk’s SpaceX suddenly came to life. According to blockchain analytics platform Arkham Intelligence, the wallet transferred 1,308 BTC, worth over $152.85 million, on Tuesday to a brand new and previously unused address.
The move was preceded by a tiny test transaction worth less than $30, sent to Coinbase Prime, likely to confirm the transfer route before moving the full amount. Despite the staggering size of the transaction, the fee was only $29 — a strong demonstration of the efficiency of the Bitcoin network.
❄️ Cold Storage, Not a Sale
Interestingly, the receiving address hasn’t spent a single coin yet, suggesting that the transfer wasn’t meant for selling, but rather for security upgrades or cold wallet restructuring.
Although a significant portion of SpaceX’s BTC was moved, the company still holds about 6,977 BTC on Coinbase Prime, which equals roughly $818 million at current market prices. At its peak in 2021, the company’s crypto reserves were valued at over $1.6 billion.
📉 Write-Offs, Silence — But Still a Strong Holder
The first public confirmation of SpaceX’s Bitcoin purchase came from Elon Musk in 2021. At the time, estimates placed the investment around $373 million. However, subsequent reports revealed that the company wrote off losses of the same amount in the following years, leading to speculation that it might have sold some or all of its BTC.
By contrast, SpaceX's sister company Tesla sold 75% of its Bitcoin in Q2 2022 for $936 million, leaving only $184 million in crypto on its books.
📊 What Does It Mean for the Market?
While SpaceX quietly reorganizes its holdings, Bitcoin has dropped 3% in the past week, currently trading just below $119,000. Analysts point to a key indicator — the decline in UTXOs (Unspent Transaction Outputs). According to CryptoQuant analyst Avocado, this trend began around December 2024 and hasn’t stopped.
He explained that the post-ETF approval environment led to more assets moving into secure institutional custody, away from exchanges. This shift results in fewer small UTXOs, making the blockchain leaner and more efficient — but also reducing short-term liquidity as more Bitcoin is locked in long-term cold storage instead of sitting on exchanges ready for trading.
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