Billionaire Elon Musk’s SpaceX has moved Bitcoin for the first time in three years, raising speculations in the crypto market. While motives remain unclear, Musk could be silently moving BTC in response to accumulating funds for his proposed political party, the American Party, or building an official corporate Bitcoin treasury.
On-chain analytics platform Lookonchain on July 22 revealed that a wallet address linked to SpaceX moved BTC worth $153 million after three years of dormancy. The coins were moved to the new address bc1q8k.
Arkham data revealed that the wallet sold 3,505 BTC worth $103.43 million three years ago. At the time of writing, the wallet held 6,977K BTC worth $817.89 million at the current market price.
This coincided with another 1,221 BTC worth $142.75 million being moved between unknown wallets, as per Whale Alert. These large transfers could spike volatility, especially at a time when technical analysis signals oversold conditions and ETF outflows weigh on crypto market sentiment.
Bitcoin price fell 1% in the past 24 hours, with the price currently trading at $117,714. The intraday low and high are $116,233 and $119,671, respectively. Moreover, the trading volume has increased by 20% in the last 24 hours, indicating interest among traders.
CoinGlass data showed selling in the derivatives market in response to BTC transfer by SpaceX. At the time of writing, the 24-hour BTC futures open interest fell 0.6% to $84.84 billion. Also, the 4-hour BTC futures OI on CME and Binance fell more than 1.98% and 0.35%, respectively. This signals slightly negative sentiment among derivatives traders.