SpaceX Possibly Reshuffles $153M in Bitcoin Amid Growing Institutional Cold Storage Trends
Main Idea
SpaceX transferred $153 million in Bitcoin to cold storage, reflecting institutional caution and impacting market liquidity, while Bitcoin's price shows modest decline and stabilization.
Key Points
1. SpaceX moved 1,308.45 BTC (valued at ~$152.85M) to a new wallet under Coinbase Prime custody, likely for cold storage.
2. SpaceX's Bitcoin holdings total 6,977 BTC (~$818.3M), accumulated between 2020-2021, peaking at over $1.6B during the 2021 bull market.
3. Bitcoin's UTXO count has consistently decreased since December 2024, with a 3% price decline over the past week, stabilizing below $119K.
4. Institutional cold storage practices prioritize security over speculative trading, reducing available supply and influencing market dynamics.
5. Low transaction fees ($29 for SpaceX's transfer) highlight Bitcoin's efficiency for large-scale institutional transactions.
Description
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