SpaceX’s Bitcoin Bombshell Sends Crypto Markets Into Frenzy

Elon Musk’s aerospace giant just dropped a seismic Bitcoin play—and the market’s reacting like it chugged three Red Bulls.

Rocket Fuel for Crypto

When SpaceX makes a move, Wall Street’s algo-traders scramble. This time? A nine-figure BTC position that’s got maximalists screaming ‘Moon mission confirmed’ and goldbugs clutching their spreadsheets.

The Institutional Domino Effect

Forget Tesla’s dalliance—this is corporate adoption on SpaceX-grade thrusters. Suddenly every CFO’s ‘blockchain strategy’ memo looks about as cutting-edge as a 2017 ICO whitepaper.

The Punchline

While hedge funds debate ‘store of value’ thesis, Musk’s companies now hold more BTC than some national reserves. Somewhere in Zurich, a private banker just spilled his $200 cognac.

$117,214 transaction valued at $152 million. Prior to this significant move, a small trial transfer was done from Coinbase Prime to a SpaceX-affiliated address, as evidenced by blockchain records. However, the final recipient address of the Bitcoins remains unconfirmed if it belongs to Coinbase.

ContentsThe 152 Million Dollar Transaction DetailsContinuing Coinbase Connection Uncertainties

The 152 Million Dollar Transaction Details

According to data provided by Arkham Intelligence, SpaceX recently activated its dormant wallet to MOVE a total of $152 million worth of Bitcoin. This noteworthy activity commenced with a small test transaction identified from a Coinbase Prime labeled address to the SpaceX wallet. The trial transaction was interpreted as an access and technical verification step, yet the available data showcases only the transaction flow.

SpaceX Bitcoin Transfer

While the addresses involved in the transaction are visible in the public Blockchain, the ownership of the receiving wallet remains unverified. Arkham Intelligence reported that SpaceX’s wallet currently holds approximately 6,977 BTC, worth around $818 million. Comparatively, another Musk venture, Tesla, holds 11,509 BTC, valued at about $1.35 billion. crypto Traders Are Rushing to This App – Here’s Why You Should Too

Continuing Coinbase Connection Uncertainties

The destination of the transferred Bitcoins poses the biggest uncertainty in this process. If the receiving address belongs to Coinbase, SpaceX might be preparing to liquidate its assets. Alternatively, the funds could be transitioning into a different custodial solution or a new structural arrangement.

The existence of the trial transfer underscores the emphasis on transaction security and address verification. While low-value test transfers are generally common prior to larger transactions, in this case, the visible activity involves just one trial transfer followed by a significant transaction. Without any formal statements from SpaceX or Coinbase, available data is limited to what is traceable on the blockchain.

On a market-related note, the reactivation of SpaceX’s wallet after three years, culminating in this transfer, led to a transient dip in Bitcoin’s value. Following the transaction, the leading cryptocurrency declined from over $117,000 to $116,437. The price has subsequently shown some recovery, trading at $117,230 at the time of reporting.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.