Elon Musk’s SpaceX Suddenly Moves €90 Million in Bitcoin #
Photos: YMZK-Photo & Rido (Shutterstock)
SpaceX caused a stir at a notable moment. The company owned by Elon Musk moved a huge amount of bitcoin to unknown addresses on Wednesday. Such transactions immediately attract attention because large companies rarely move their crypto without reason.
€90 Million in Bitcoin Moved #
According to data from blockchain researchers Arkham, SpaceX sent a total of 1,163 bitcoin to two new wallet addresses. The total value of this transaction is over $105 million (€90 million). This is the largest movement since October, when SpaceX transferred 281 bitcoin to a new address.
The company currently holds about 6,095 bitcoin, worth over $550 million at the current price of $91,000. The reason for this shift is unclear. Analysts suspect SpaceX is replacing old wallets with more modern addresses or consolidating its holdings.
The company has not bought any new bitcoin since 2022 and even reduced its position then, partly due to the massive market crisis around Terra and FTX. Tesla, also owned by Musk, sold a large part of its bitcoin holdings at that time.
These transactions by large companies like SpaceX are closely watched. They can indicate a change in strategy or a possible preparation for sale. Therefore, investors often react nervously to such movements.
Bitcoin Begins to Show Recovery #
While SpaceX is on the move, bitcoin itself is showing a strong recovery. The price rose more than three percent yesterday, the strongest increase since October 12. Since last week, the price has already gone up by 14 percent.
Bitcoin shot from just over $86,000 to above $90,000, with most of the rise occurring within two hours. During the night, it almost touched $92,000, after which the coin remained calmly above $91,000.
According to analysts, the zone around $91,000 is particularly important. If there are enough buyers, the path is open toward the next resistance just below $100,000. However, due to Thanksgiving in the United States, a quiet day is expected today because the stock markets are closed.
With SpaceX moving large amounts of bitcoin and the price recovering at the same time, the market is starting to show movement again. Investors are watching the coming days closely, because one strong impulse could definitively reverse the trend.