Is Elon Musk Really Behind the Bitcoin Buzz This Time?

The cryptocurrency market is no stranger to volatility induced by Elon Musk. His tweets have historically caused major price swings. 

But as BTC flirts with fresh highs, the current rally is more data-driven—and the Tesla CEO’s role remains unconfirmed.

Bitcoin Hits Record Quarterly Close

Bitcoin, the largest cryptocurrency, has achieved a historic milestone by closing the second quarter at its highest level ever, reaching $107,149 on the Bitstamp exchange. This performance follows an 11.6% decline in the first quarter, but Bitcoin rebounded with a 30% gain in the second quarter.

Social metrics from LunarCrush and Santiment show a spike in Bitcoin-related engagement following a cryptic tweet from Musk on June 29. The post included a rocket emoji and a dollar symbol—enough to prompt a flurry of interpretations from the crypto community.

However, no direct reference to Bitcoin was made. Analysts at CryptoQuant and Kaiko note that while social sentiment surged after the tweet, no significant wallet activity linked to Musk or Tesla has been reported.

Bloomberg estimates that BlackRock IBIT brings in roughly $187.2 million annually through its 0.25% management fee. By comparison, IVV, which tracks the S&P 500 and has been a staple in retail and institutional portfolios for years, charges just 0.03%.

Glassnode reports that Bitcoin’s 14-day RSI remains under 60, suggesting there’s room for more momentum. Price is holding above its 50-day ($105,970) and 200-day ($87,717) moving averages.

Meanwhile, whale activity appears mixed. IntoTheBlock data shows a 45% drop in large BTC transactions over the past month, suggesting some cooling among high-net-worth traders.

Still, BTC’s technical posture remains bullish. The network’s health and rising ETF demand suggest fundamental strength rather than hype-driven movement.

While Elon Musk’s influence on the market remains a wildcard, current data suggests that his actions do not primarily drive Bitcoin’s momentum.