A wallet linked to SpaceX, an American space technology company, founded by Billionaire and CEO of X, Elon Musk, transferred around 2,495 Bitcoin (BTC), worth about $268 million, to new blockchain addresses, according to on-chain data from Arkham.
This is the first Bitcoin transaction made by the company in the last three months. The wallets last showed activity was on July 22, when it sent $153 million in BTC to Coinbase, ending a three-year period of dormancy.
According to blockchain tracker @ai_9684xtpa, about 1,187 BTC were sent to one address with the tag “bc1qq”, and another 1,208 BTC to a “bc1qj7” tagged address. Both wallets have remained inactive at the time of writing.
Arkham previously identified the July transfer as connected to Coinbase Prime Custody, which raised speculation that today’s transaction may also be an internal wallet transfer and not a sale. After the transfer, SpaceX’s Bitcoin wallet still holds roughly 5,790 BTC, valued at approximately $626 million based on current prices.
Bitcoin Price Drops Below $108k
Meanwhile, the transaction comes as Bitcoin’s price falls below $108,000 due to ongoing trade dispute between the U.S.–China, which has put a lot of pressure on the global market. The uncertainty behind this event has triggered a wave of risk-off sentiment among investors.
Currently, Bitcoin is trading for $107,929. This is down 0.4% from its daily high of $111k with a modest 1.84% drop in trading activity which recorded over $62 billion in trading volume.
Over the last 24 hours, the Spot Bitcoin exchange-traded funds (ETFs) recorded about $40 million in outflows. Among them, BlackRock’s iShares Bitcoin Trust saw the largest redemption, totaling nearly $100 million.
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