Analysts say the move is likely not for a sale, but the timing has made the industry pay attention. | Source: CCN.
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Key Takeaways
SpaceX moved Bitcoin for the first time in six months.
Arkham Intelligence says the transfer appears to be a routine test transaction.
The wallet activity comes as analyst Lark Davis warns Bitcoin remains vulnerable to another downturn.
Elon Musk’s SpaceX has moved Bitcoin on-chain for the first time in six months, triggering speculation that one of the world’s largest corporate holders could be preparing to sell part of its $1.16 billion crypto treasury.
While the move does not indicate a sale is imminent, it comes as popular crypto analyst Lark Davis warns broader financial market risks could trigger another Bitcoin selloff.
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Blockchain data from Arkham Intelligence shows a SpaceX-labeled wallet transferred approximately $88 worth of Bitcoin to another SpaceX-controlled address on July 7.
The transfer represents a minuscule fraction of SpaceX’s roughly 18,700 Bitcoin holdings.
“Given the size of the transfer relative to SpaceX’s overall Bitcoin holdings, this appears to be a test transaction,” Arkham researcher Finn Grant wrote.
Grant said test transfers are commonly used to verify wallet access, confirm destination addresses, and ensure custody infrastructure is functioning correctly after long periods of inactivity.
Although the purpose cannot be determined solely from blockchain data, test transactions are often conducted before custody changes or larger Bitcoin transactions.
The wallet activity comes shortly after SpaceX publicly disclosed the size of its Bitcoin holdings for the first time.
In an SEC filing published ahead of the company’s planned Nasdaq listing, SpaceX revealed it owns 18,712 Bitcoin acquired at a cost basis of roughly $661 million.
At current market prices, the treasury is worth approximately $1.8 billion, placing SpaceX among the world’s largest publicly disclosed corporate holders of Bitcoin.
The filing also showed the company has maintained the same Bitcoin position since at least the end of 2024, reinforcing its reputation as a long-term holder despite multiple periods of market volatility.
The disclosure renewed attention on Elon Musk’s broader involvement in digital assets, particularly alongside Tesla, which continues to hold more than 11,500 Bitcoin on its balance sheet.
What Would Happen if SpaceX Sold Bitcoin?
A SpaceX sale would likely generate significant attention given Elon Musk’s influence over crypto markets and the size of its Bitcoin holdings.
However, as seen recently with Strategy’s shock sales, institutional selling does not always lead to prolonged price declines.
Even a complete disposal of SpaceX’s roughly 18,700 Bitcoins would represent only a small fraction of Bitcoin’s circulating supply.
However, news of the move would likely weigh on sentiment temporarily.
The timing is also notable, as some market commentators continue to warn that Bitcoin could face further downside.
Lark Davis Warns Another Bitcoin Crash Could Be Coming
The renewed attention on SpaceX’s Bitcoin holdings comes as crypto analyst and YouTuber Lark Davis cautioned investors that escalating geopolitical tensions could lead to another Bitcoin crash.
Speaking on his YouTube channel, Davis said rising tensions in the Middle East had sent oil prices higher and lifted market volatility.
“Everything is crashing, huge losses right across the equity markets,” Davis said, while noting Bitcoin had so far “held up kind of decently.”
Davis said Bitcoin had fallen toward an important technical support level around $61,500 and warned that a broader deterioration in market sentiment could drag crypto lower.
He also said that a deeper correction in US stocks could spill over into crypto markets.
Although Tesla later sold around 75% of its Bitcoin holdings to strengthen liquidity, both Tesla and SpaceX have continued holding sizeable Bitcoin reserves.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
