SpaceX moved $153M in Bitcoin after three years, likely reshuffling cold storage as institutions tighten crypto security practices.
With SpaceX now holding 6,977 BTC under Coinbase custody, long-term storage shows rising caution across the crypto market.
A steady drop in Bitcoin’s UTXO count shows traders are moving funds into safekeeping while BTC price cools near $119K.
Elon Musk’s SpaceX has moved 1,308.45 BTC worth over $152.85 million in its first major transaction in three years. According to Arkham Intelligence, the transfer occurred on July 22, with the Bitcoin sent to a new address.
The transaction cost just $29 in fees, highlighting Bitcoin’s efficiency for large transfers. Before this, SpaceX sent a tiny test transaction of 0.000248 BTC to Coinbase Prime. That small move likely served as a signal for the larger reshuffle.
Blockchain records show that SpaceX initially received large inflows from Coinbase wallets between 2020 and 2021. These deposits ranged from 1,100 to 1,279 BTC each. At the peak of the 2021 bull run, SpaceX’s Bitcoin holdings reached a value of over $1.6 billion. Today, that same stash is worth about $818.3 million.
Cold Storage or New Strategy?
Arkham’s portfolio tracking data shows SpaceX now holds 6,977 BTC, all under Coinbase Prime’s custody. The receiving wallet has not moved the newly transferred funds, suggesting a cold storage reshuffle or an internal security upgrade. Hence, this transfer may not be a sale but a reorganization of SpaceX’s crypto holdings.
SpaceX first confirmed Bitcoin holdings in 2021, around the same time Tesla bought $1.5 billion in BTC. However, unlike Tesla, SpaceX never revealed exact figures. Tesla later sold 75% of its Bitcoin in 2022, booking $936 million in proceeds.
Bitcoin Activity Slows as Institutions Accumulate
While SpaceX reorganizes its Bitcoin, on-chain data suggests a shift in market behavior. Analyst Avocado from CryptoQuant reported a steady drop in UTXO count since December 2024. This trend signals that more Bitcoin is moving into long-term custody. Consequently, fewer coins remain available for quick trading.
Additionally, Bitcoin’s price has cooled by 3% over the past week, now trading below $119,000. Both retail and institutional traders seem to be adjusting their exposure.
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