Bitcoin has swung wildly in recent weeks, with volatility returning this month following a quiet summer and traders suddenly braced for a 2026 bitcoin price shock.
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The bitcoin price has dropped around 15% since hitting an all-time high of $126,000 despite Tesla and SpaceX billionaire Elon Musk breaking his silence on bitcoin.
Now, as analysts warn of an “imminent dollar and financial crisis,” Elon Musk’s rocket company SpaceX has moved almost $270 million worth of bitcoin, setting alarm bells ringing as crypto watchers ask if he’s “planning to sell.”
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Elon Musk, cofounder of Tesla and SpaceX, is closely watched by bitcoin and crypto traders due to his ability to move the bitcoin price and crypto markets.
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“SpaceX is moving bitcoin to new wallets, are they planning to sell,” investor and commentator Mario Nawfal asked on X.
SpaceX moved almost 2,500 bitcoin to several wallet addresses that remain unmarked on the platform, according to data from Arkham Intelligence, with the platform also showing this was the first change to SpaceX’s total bitcoin holdings since June 2022 when it is believed to have reduced its bitcoin holdings by around 70%.
SpaceX is thought to hold just over 8,000 bitcoin worth around $900 million, while Tesla holds just over 10,000, worth $1.2 billion.
In 2022, Musk sold most of the bitcoin his electric car company Tesla had bought just over a year earlier, causing the bitcoin price to briefly plummet and sending shockwaves through the crypto market.
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The bitcoin price has dropped back from its all-time high of around $126,000 per bitcoin.
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Last week, Musk, who has said his new political party would support bitcoin over the U.S. dollar, praised bitcoin for being “based on energy” and agreed the bitcoin price has soared amid dollar “debasement” designed “to fund the AI arms race.”
“AI is the new global arms race, and capex will eventually be funded by governments (U.S. and China). If you want to know why gold/silver/bitcoin is soaring, it’s the ‘debasement’ to fund the AI arms race,” the ZeroHedge X account posted, adding: “But you can’t print energy.”
Musk responded, saying: “True,” and adding: “That is why bitcoin is based on energy: you can issue fake fiat currency, and every government in history has done so, but it is impossible to fake energy.”
