SpaceX Tests Bitcoin Move Amid Warning of Potential Market Downturn

Elon Musk's SpaceX has moved Bitcoin on-chain for the first time in six months, sparking speculation that one of the world's largest corporate holders could be preparing to sell part of its $1.16 billion crypto treasury.

The move was a test transaction, according to Arkham Intelligence, which showed a SpaceX-labeled wallet transferring approximately $88 worth of Bitcoin to another SpaceX-controlled address on July 7.

This transfer represents a minuscule fraction of SpaceX's roughly 18,700 Bitcoin holdings. Analyst Lark Davis warns that broader financial market risks could trigger another Bitcoin selloff, making the timing of this move particularly noteworthy.