SpaceX transfers R$ 560 million in bitcoin and raises concerns in the market

Source: Exame Original Title: SpaceX transfers R$ 560 million in bitcoin and worries the market Original Link: SpaceX, the company of billionaire Elon Musk, transferred over US$ 105 million (R$ 560 million, at the current exchange rate) in units of bitcoin last Wednesday, the 26th. The movement worried the market due to the possibility of selling the assets, impacting the price of the cryptocurrency.

The blockchain monitoring company Arkham Intel points out that 1,163 units of the asset have been sent to two digital wallets so far unassociated with the company. SpaceX has not made any new transfers since then, with the market watching for possible additional moves.

In total, SpaceX has about 6,095 units of bitcoin, valued at approximately $552.9 million, considering the current exchange rate of the cryptocurrency. The company usually does not justify its asset movements, leaving investors open to speculation.

On one hand, there is the possibility that the company decided to sell part of its cryptocurrency units to reduce the asset. However, this action usually involves transferring to a digital wallet of a cryptocurrency exchange, which has not yet occurred.

There is still the possibility that the transfer is just a routine reshuffling of the digital wallets used for storing bitcoin. The available data so far supports this possibility, ruling out the chance of sales.

The latest transfers made by SpaceX occurred on October 21 and October 29, when the company sent more than 2,600 units of the asset to other digital wallets. No sale of the units was made, indicating only a change of storage location.

But the market's fear is not completely unfounded. In 2022, Elon Musk's company sold about 70% of its entire bitcoin reserve after an intense drop in the cryptocurrency. Since then, the company has not made any new sales, but it also has not purchased any additional units of the asset.

Another company of Elon Musk, Tesla also adopted a similar strategy, selling a good portion of its cryptocurrencies in 2022. The company still holds a larger corporate reserve of the asset, estimated at 11,509 units and worth over $1 billion.