Key Takeaways:
- SpaceX Bitcoin Hoard: The aerospace company of Elon Musk has an amount of 8,285 Bitcoins assessed between 1.02B and no change since 2022.
- The Historic Rally of Bitcoin: Bitcoin price has hit 124300 and then cooled down to 123117 in terms of market cap which becomes the largest market cap in the eyes of Google.
- Institutional Buying Rampage: U.S. Bitcoin ETFs received inflows of $1B in the past 5 days, the latest boost.
Bitcoin’s record-breaking run has catapulted Elon Musk’s SpaceX back into the spotlight not for rockets, but for its billion-dollar bet on the world’s largest cryptocurrency. As BTC closes in on the $125,000 mark, the company’s long-held stash is once again proving to be a strategic, if volatile, asset.
SpaceX’s Bitcoin Bet: From $1.8B to a Steady $1B
Blockchain data from Arkham Intelligence shows SpaceX currently holds 8,285 BTC, worth approximately $1.02 billion.
This position has remained static since mid-2022, when the company reportedly reduced its bitcoin reserves by about 70% from a peak of 28,000 BTC (valued at $1.8 billion in April 2021).
The decision to trim holdings came in the wake of brutal market shocks, the Terra-Luna collapse in May 2022, the implosion of FTX in November, and a broader crypto liquidity crunch. SpaceX hasn’t bought more BTC since then, but the recent price surge has restored its stash to the 10-figure club.
Tesla, Musk’s electric vehicle company, made similar moves, selling a significant portion of its bitcoin holdings during the same period. Tesla still holds 11,509 BTC, worth roughly $1.42 billion at current prices.
Read More: SpaceX Just Relocated $153M in Bitcoin – What’s Elon Musk Planning Next?
Bitcoin’s Meteoric Rise and Market Context
On Wednesday, Bitcoin set a new all-time high above $124,300, before settling near $123,117 up 3.17% in 24 hours. That rally pushed Bitcoin’s market capitalization to $2.452 trillion, overtaking Google’s $2.448 trillion.
The move is being driven by a combination of macro factors and institutional buying pressure. Paul Howard, senior director at market maker Wincent, noted that July’s U.S. CPI data came in cooler than expected, holding steady at 2.7% year-over-year instead of the forecasted 2.8%. That’s strengthened expectations for a September Federal Reserve rate cut, a bullish signal for risk assets like BTC and ETH.
Read More: Ethena’s Meteoric Rise: Surpasses PancakeSwap and Jupiter in Daily Revenue
Altcoin Moves and Market Sentiment
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