SpaceX reveals 18,712 Bitcoin holdings before IPO: What’s the impact on BTC?

A Mysterious Treasure Finally Revealed: SpaceX is a Heavyweight in the Game

Rumors were flying, but reality exceeded estimates. In its IPO filing with the SEC, the aerospace company made official its holding of 18,712 BTC. With an estimated average purchase price around $35,000, this colossal portfolio is now valued at over $1.45 billion.

Until now, on chain analysts thought the firm only owned about 8,000 tokens. This massive surprise directly propels SpaceX to seventh place among public companies holding the most Bitcoin, even surpassing Tesla. A strong signal that confirms institutional appetite for digital gold, far from any bearish sentiment.

As SpaceX aims for an astronomical valuation for its IPO, this cryptocurrency reserve adds an unprecedented dimension to the operation. Traditional investors will now have indirect exposure to Bitcoin, reinforcing the asset’s legitimacy in traditional finance and limiting the risks of a brutal retracement.

The Record Breaking IPO: A Catalyst for the Crypto Market?

SpaceX’s stock market debut is already shaping up to be the largest in the history of financial markets. By potentially raising $75 billion, the company will attract all the attention from Wall Street. But for the crypto sphere, it is mainly the validation of an aggressive treasury strategy that catches the eye.

By holding onto its tokens through bearish cycles, Elon Musk demonstrates an unwavering conviction. This announcement could trigger a real FOMO among other tech giants, pushing them to accumulate BTC. The market could very well experience a major breakout in the coming weeks, paving the way for a new bull run.

The integration of Bitcoin into the balance sheet of a company focused on space exploration creates a powerful narrative. If behemoths like BlackRock are considering investing billions in this IPO, the correlation between cutting edge tech and Web3 has never been so obvious for investors.

And the rise of SpaceX could very well carry the price of Bitcoin in its wake.

Can Bitcoin Smash its ATH After This Shock Announcement?

With BTC currently trading around $77,500, the revelation from SpaceX acts as a truly unexpected fuel. The market has already absorbed numerous corrections, and the fundamentals look stronger than ever. Institutional accumulation shows no signs of slowing down. As a result, over 80% of BTC tokens are held by institutions like SpaceX. So the time of massive green candles might be over. However, a slow rise and progressive accumulation could very well become the driving force of future cycles.

The AVIV gradient oscillator chart indicates however that capitulation might still be on the table. Indeed, not only is BTC hitting its True Mean price at $78,200, but the Realised Gradient (momentum of sold capital) has not yet entered a negative phase. Historically, it is during this phase that Bitcoin finds its bottom.

This chart compares the speed and energy of the Bitcoin price against the real money entering the market (realized capital / investors). It is therefore a leading indicator based on activity and inflows toward BTC. It remains highly relevant, perhaps even more so today as spot volume is dropping and LTHs hold most of the tokens.

In short, we must closely monitor the crucial resistance between $78,100 and $78,230. If the psychological milestone of $80,000 is breached with strong volumes, the momentum could accelerate. Are we at the dawn of a historic surge toward a new ATH for the entire crypto ecosystem? Or is the bear market just beginning? This $78,000 level will dictate the future of Bitcoin, and the SpaceX IPO scheduled for June 12 could very well reignite bullish sentiment.

Sources:

• Cointelegraph
• Checkonchain
• BSCNews

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