SpaceX moved a new chunk of Bitcoin this week and traders took notice. According to the blockchain tracker, the space company moved 281 BTC on Thursday, a transfer value worth about $31.33 million.
The move came as Bitcoin fell below $110,000 following hawkish comments from Federal Reserve Chairman Jerome Powell, which energized the market conversation.
Questions raised about SpaceX wallet movements
According to Arkham Intelligence and on-chain detective Lookonchain, the transfer was part of a larger set of transactions in which more than 1,207 BTC left wallets linked to SpaceX.
According to the report, the unspent portion of 281 BTC was transferred to the bc1qmg address and $19.33 in BTC was transferred to Coinbase Prime.
The remaining 927 BTC appears to have been returned to the original SpaceX wallet. Lookonchain reported this move on October 30th.
Source: Arkham
Three moves, a lot of guessing.
This is the third time in about 10 days that the company has moved coins. Previous transfers amounted to approximately $134 million and $268 million.
According to reports, SpaceX has now moved around $450 million in Bitcoin over this short period of time. Market observers have suggested several possible reasons.
Some believe the shifts are for archiving or internal accounting. Others see this activity as a sign that the company is reshaping how it stores cryptocurrency. No official word has been released confirming these theories.
Musk’s remarks and historical context
Elon Musk publicly spoke out about Bitcoin on October 14th, praising its energy foundation after years of criticism over its power usage, a comment that was paired with recent moves by many.
In 2022, SpaceX reduced its holdings by approximately 70% following a period of turbulence in the cryptocurrency market, including the collapse of Terra-Luna and the fall of FTX. Past cuts still take into account how an observer will read the current transmission.
Market reaction and price decline
Once the transfer became known and Powell’s comments reached traders, the price of Bitcoin fell quickly. BTC fell more than 2% in an hour to around $107,000, and is down more than 3% in 24 hours.
According to the report, the 24-hour low is $107,050 and the 24-hour high is $112,500. Volumes did not rise significantly during the sell-off, which some analysts say indicates caution among traders rather than widespread panic.
What this means going forward
The facts are clear. A significant amount of money has been moved and questions remain. On-chain data suggests the pattern appears to be a custody transfer rather than a full liquidation, but without a statement from SpaceX, certainty is lacking.
For now, traders will be watching for large wallet activity and macro signals from the Fed. These two forces are likely to shape Bitcoin’s near-term price movements.
Featured image from Pexels, chart from TradingView
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