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In almost three months, Elon Musk’s SpaceX has carried out a massive Bitcoin transfer worth about $268 million, pushing rumors about corporate Bitcoin holdings back into the spotlight.
The bc1qq and bc1qj7 addresses, which are both still inactive as of press time, received 1,187 and 1,208 Bitcoin, respectively, according to blockchain data. Concerns have been raised by this abrupt transfer regarding whether SpaceX is reorganizing its cryptocurrency holdings, getting ready for institutional custody or implementing a liquidity adjustment plan.
Moving in July
Notably, a similar movement took place in July 2025, when Arkham Intelligence subsequently identified the funds as being in Coinbase Prime Custody. This suggests that the recent round of transfers might be a normal internal shuffle rather than a sale or acquisition. Nevertheless, the move’s scope and timing are certainly raising questions.
The price of Bitcoin, which is currently trading close to $107,800, dropped more than 2.5% in the past day, indicating general market trepidation. The 200-day moving average, or black line, is once more just above the asset and is frequently seen as a crucial barrier between bullish and bearish momentum.
If Coinbase Prime or another institutional custodian is involved in SpaceX’s transfer, it may indicate treasury management preparations, perhaps connected to larger corporate financing or portfolio optimization. In contrast, if this activity indicates a possible liquidation, the market may experience short-term volatility because algorithmic trading reactions are frequently triggered by significant movements from well-known entities.
Maintaining market influence
To allay concerns about a dump, on-chain data currently indicates no immediate selling activity connected to the destination addresses. To keep an eye out for any further transfers toward exchange-linked addresses, traders will be closely monitoring these wallets.
With institutional activity increasing and Bitcoin consolidating following its most recent decline, SpaceX’s $268 million transfer serves as a reminder of how deeply corporate players are now ingrained in the cryptocurrency ecosystem and how their actions still have the power to influence markets.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team