Apparently, these are moves towards a Coinbase Prime custodial wallet.
Analyst indicates when it would be time to worry about corporate treasury movements.
SpaceX, the aerospace company led by Elon Musk, made a significant move with its bitcoin (BTC) holdings, making the largest transfer in the last three months.
The company mobilized an approximate of 2,495 BTC, valued at nearly 268 million dollarss, towards new addresses linked to the Coinbase Prime custody platform.
The BTC left a treasury address associated with SpaceX and were split into two main transactions: the first sent 1,197 BTC to the address bc1qq7872pzsm755xan80qxdfy37vn5y4vc4t4sduw, and the second transferred 1,298 BTC to the address bc1qj7enhu6dvgsef02xpufkt3rp66r9tfpem6kqef, as seen in the following image.
This move ends a three-month period of inactivity in the company’s digital asset holdings. According to the on-chain analysis firm Arkham Intelligence, SpaceX maintains a total of 5,790 BTC in its corporate treasury.
As of the writing of this note, the new receiving addresses have not made subsequent shipments. This data suggests that the transfer probably corresponds to an internal reorganization of the custody of SpaceX assets.
These types of moves toward custody services like Coinbase Prime are typically treasury management operations, rather than an immediate sale. Concerns about the impact on the market would arise if these digital assets began to flow from the custodian towards active sale on the open market.
In this context, analyst Shanaka Anslem Perera Indian that the signal to worry about a possible massive sell-off—and to refute this hypothesis—would be given the day that a significant threshold, such as 10% or more of those coins, arrive directly on the exchanges for sale.
It is worth remembering that, as CriptoNoticias reported in mid-2022, another of the Musk, the electric car maker Tesla, reduced his bitcoin holdings by approximately 70% amid market instability caused by the collapse of Terra-Luna and the subsequent bankruptcy of the FTX exchange. However, SpaceX’s recent action seems to be part of an optimization of the custody of the digital asset.