Bitcoin Updates: SpaceX Strengthens Bitcoin Holdings as Institutions Adjust Portfolios

SpaceX Moves $105 Million in Bitcoin Amid Market Recovery

SpaceX, led by Elon Musk, has recently transferred $105 million worth of Bitcoin to new wallets, reflecting the company's ongoing management of its cryptocurrency assets as Bitcoin's value climbs above $91,300（UTC+8）. The transaction involved 1,163 BTC, which were distributed between two unidentified wallets. With this move, SpaceX's total Bitcoin holdings now stand at roughly 6,095 BTC, amounting to about $556.7 million at current market rates.

These transfers are part of SpaceX's regular adjustments to its crypto reserves, with no indications that the company is planning to sell its assets. Experts believe these actions are related to internal security measures and operational updates, rather than a shift in investment strategy.

The timing of this transfer coincides with renewed institutional interest in Bitcoin, following a significant 36% drop from its October high of $126,199（UTC+8）. Despite this recovery, U.S. spot Bitcoin ETFs have seen $2.6 billion in net outflows over the past three weeks, even as alternative crypto assets continue to attract investment. Currently, Bitcoin is trading near $87,700（UTC+8）, with technical signals pointing to a possible period of consolidation before another upward move toward the $100,000（UTC+8） mark.

SpaceX and Tesla: A Conservative Approach to Bitcoin

SpaceX's current strategy differs from its 2022 decision to cut its Bitcoin holdings by 70% during the market turmoil triggered by the Terra-Luna and FTX collapses. Since then, the company has not made additional purchases but has remained active in managing its existing assets. This approach is similar to Tesla's cautious handling of its $1.05 billion Bitcoin treasury, which includes a holding of 11,509 BTC. Both companies, under Musk's leadership, prioritize secure asset management over speculative trading, aligning with a broader trend among corporations to diversify their treasuries with Bitcoin.

Institutional Shifts and Market Outlook

The resurgence of institutional interest in Bitcoin has sparked discussions about the evolving structure of the crypto market. Independent financial analyst Yorick Ashbourne has pointed out that the recent withdrawals from Bitcoin ETFs represent a strategic reassessment of risk, rather than a mass exit from the market. He notes, "This appears to be more of a risk adjustment across the crypto sector, rather than a repeat of the capitulation seen in 2022," emphasizing the durability of certain institutional positions.

Looking forward, Bitcoin's potential to reach a $3 trillion market capitalization—which would require a price of about $147,500（UTC+8）—depends on continued institutional investment and the maintenance of key technical support levels. Analysts such as Michaël van de Poppe stress the importance of Bitcoin holding within the $87,000（UTC+8） to $82,000（UTC+8） range to sustain its short-term bullish trend. For now, SpaceX's recent custodial moves highlight the expanding role of corporate entities in shaping Bitcoin's institutional landscape, even as the market remains unpredictable.