SpaceX has just transferred 1,308 BTC for the first time in 3 years, raising many speculations about the impact on the Bitcoin market.
This transaction marks SpaceX's first Bitcoin movement since 2022, highlighting the silent BTC holdings of major corporations like SpaceX and Tesla.
MAIN CONTENT
SpaceX transferred 1,308 BTC worth about 152 million USD after 3 years of silence.
Bitcoin whales have withdrawn nearly 61,000 BTC to exchanges, causing a 4% drop from ATH.
The inflow of BTC from whales is increasing, signaling profit-taking moves at market peaks.
How has SpaceX moved Bitcoin since the last time in 2022?
The latest event at 13:09 (UTC+7) on June 23, 2024, shows that SpaceX transferred 1,308 BTC to an unidentified wallet for the first time since June 2022, when they sent 3,505 BTC to Coinbase.
Currently, SpaceX still holds nearly 6,977 BTC, equivalent to about 815 million USD. Cryptocurrency wallet analyst Arkham stated that this could be a wallet restructuring move to enhance security or update cold storage. SpaceX began participating in the Bitcoin market in 2021, around the same time Elon Musk confirmed they owned BTC, after Tesla invested 1.5 billion USD in Bitcoin.
"SpaceX's transfer of Bitcoin after a long period of silence shows that large corporations can still flexibly manage their crypto assets, preserving while taking advantage of market opportunities."
Jane Nguyen, Blockchain Expert, 2024
During the period 2021–2022, SpaceX recorded a loss of over 373 million USD on Bitcoin and may have sold some or all of its holdings. However, detailed information has not been clearly published. At the same time, Tesla and SpaceX hold a total of about 19,794 BTC, purchased at an average price of 32,000 USD and currently have an unrealized profit of nearly 1.5 billion USD.
How do Bitcoin whales begin to take profits when the Bitcoin price hits a new peak?
On July 17, 2024, a significant event occurred when Bitcoin whales withdrew 61,000 BTC to exchanges, the largest amount in over a year. This event caused the Bitcoin price to drop about 4%, from a peak of 123,000 USD to around 117,000–118,000 USD.
CryptoQuant analysts recorded an inflow of BTC to exchanges totaling nearly 17 billion USD in just 5 days between July 14–18, 2024, similar to previous cryptocurrency market peaks, indicating that whales are taking advantage of high price levels to take profits.
"The surge in Bitcoin inflow to exchanges is a typical sign that whales are preparing to sell, affecting supply-demand pressure and short-term price volatility."
Dr. Michael Lee, Senior Cryptocurrency Analyst, 2024
However, as the amount of BTC entering exchanges begins to decrease, this signal may help the market ease selling pressure and stabilize in the upcoming periods.
How do SpaceX and Tesla hold Bitcoin to optimize benefits?
Companies like SpaceX and Tesla not only invest in Bitcoin but also manage this asset with a long-term strategy. Holding most Bitcoin in cold wallets helps minimize security risks and allows flexibility in wallet restructuring, in line with market volatility.
For example, Tesla once sold 75% of its BTC holdings to realize nearly 936 million USD in 2022, while retaining Bitcoin worth 184 million USD to maintain financial stability and leverage long-term value appreciation.
Criteria SpaceX Tesla Total BTC held 8,285 BTC (estimated) 11,509 BTC Average purchase price 32,000 USD 32,000 USD Current value (estimated) ~815 million USD ~1.1 billion USD Notable trading activity Transferred 1,308 BTC for the first time in nearly 3 years Sold 75% of BTC in 2022 for 936 million USD
Frequently Asked Questions
How much BTC has SpaceX transferred in the latest transaction?
SpaceX has just transferred 1,308 BTC to an unidentified wallet for the first time in 3 years, signaling important asset movement.
What is the behavior of Bitcoin whales in mid-July 2024?
Whales withdrew 61,000 BTC to exchanges, causing the Bitcoin price to drop 4% from the peak of 123,000 USD, indicating profit-taking at the market peak.
Why do SpaceX and Tesla hold BTC long-term?
A strategy focused on security and leveraging price appreciation potential to create sustainable profits from cryptocurrency assets.
What does the sudden increase in BTC inflow to exchanges mean?
Indicates increased selling pressure from whales, affecting price volatility and short-term market signals.
Is SpaceX planning to sell Bitcoin in this transaction?
There is no clear information yet; it could be a wallet restructuring for security reasons or cold storage.
Source: https://tintucbitcoin.com/bitcoin-chuyen-152-trieu-usd-ca-voi-xa/
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