Is Elon Musk’s SpaceX really selling Bitcoin or just FUD?
SpaceX’s recent Bitcoin transfers have sparked new debate across the crypto market, with speculation on Twitter that the company may be preparing to sell.
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However, on-chain data suggests a more nuanced picture, with no confirmed evidence of liquidation.
SpaceX’s Bitcoin selling concerns
According to Arcam data, SpaceX moved approximately 2,246 BTC in the past 12 hours and one week ago.
This transfer includes two large outflows totaling over $200 million, in addition to several smaller inbound transactions from Coinbase Prime.
The company still holds over 5,012 BTC, worth approximately $448 million. This means that less than half of the Bitcoins tracked by SpaceX have been moved, despite the company’s viral claim that it has transferred “all” of its holdings.
Cryptocurrency Twitter hastily interpreted the leak as an impending sale. Social media posts claimed that the movement of funds from Treasury’s wallet to a new address is a sign of a liquidation event, an action commonly seen before a corporate sale.
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However, the receiving wallet is not labeled as an exchange and there is no confirmed direct link to Binance, Coinbase, or OTC clearing desks.
This weakens the assumption that the transfer is a planned dump.
There are also neutral explanations. SpaceX could rotate wallets, consolidate funds, or change storage structures for security. Corporate finance departments regularly rebalance or upgrade storage without selling it.
This move could even potentially be interpreted as bullish. Funds may go to an OTC desk or multisig vault rather than a sell-side liquidity pool, which does not create immediate market pressure.
Bitcoin fell below $90,000 again today, mainly due to macro concerns due to US ETF outflows and the Bank of Japan’s interest rate hike.
So far, SpaceX’s activity is noteworthy but not definitive. Elon Musk’s claims that the space giant is selling Bitcoin will remain unproven until the destination wallets are found to be linked to known exchanges and circulation patterns.
The line between fear and fact is thin, and today the noise is louder than the data.
