TLDR
- SpaceX moved 281 Bitcoin worth $31.33 million on October 30, its third transfer in 10 days totaling $450 million
- The company currently holds 7,258 BTC valued at $791 million, while Tesla holds $1.25 billion in Bitcoin
- Transfers followed Elon Musk’s first positive Bitcoin comments in years on October 14
- Bitcoin price fell 2% to $108,000 after the transfer and Federal Reserve Chair comments
- Analysts suggest custody management as the reason, though some speculate larger strategic shifts
SpaceX executed its third Bitcoin transfer in 10 days on October 30, moving 281 BTC worth $31.33 million to a new wallet address. Blockchain analytics platform Arkham Intelligence confirmed the transaction.
The transfer involved 1,207 BTC moving from SpaceX’s wallet. Of this amount, 281 BTC went to a new address while portions moved to Coinbase Prime and back to SpaceX’s wallet.
On-chain analyst Lookonchain identified the movement. The analyst noted this transfer used a different destination wallet than the two previous transactions.
SpaceX has now moved approximately $450 million in Bitcoin across three separate transfers this month. Previous transactions included $133.7 million and $268 million movements.
The pattern of repeated transfers has generated discussion in the crypto community. Some observers question whether the moves represent routine custody management or signal upcoming strategy changes.
SpaceX and Tesla Bitcoin Holdings
SpaceX maintains a Bitcoin position of 7,258 BTC valued at approximately $791 million according to Arkham Intelligence data. Tesla, also owned by Elon Musk, holds 11,509 BTC worth $1.25 billion.
The combined Bitcoin holdings across both companies total $2.04 billion. This positions them among the largest corporate Bitcoin holders worldwide.
Both companies experienced portfolio value declines during recent market downturns. However, neither has announced plans to liquidate their positions.
The timing of SpaceX’s transfers follows Elon Musk’s October 14 comments about Bitcoin. Musk praised Bitcoin’s energy basis for the first time in several years.
This marked a reversal from his previous criticism of Bitcoin’s energy consumption. Musk stated that Bitcoin’s energy foundation gives it advantages over government-issued currency.
Market Reaction and Price Movement
Bitcoin’s price dropped more than 2% to $108,000 following the SpaceX transfer. Federal Reserve Chair Jerome Powell’s comments about December rate cut uncertainty also contributed to the decline.
The cryptocurrency fell over 4% within 24 hours. The price ranged from a low of $108,097 to a high of $113,642.
Trading volume stayed flat during this period. Market analysts interpret this as traders adopting a cautious stance.
One crypto community member suggested three transfers in 10 days indicates more than simple custody adjustments. BlockTempo mentioned the possibility of preparation for partial sales.
SpaceX has not issued official statements regarding the transfers or their purpose. The company previously reduced its Bitcoin holdings by 70% in 2022 following the Terra-Luna collapse and FTX bankruptcy.
Lookonchain analysts believe the latest transfer relates to custody operations. The use of different wallet addresses for each transaction supports this assessment.
Musk recently emphasized Bitcoin’s reliance on energy as a key differentiator from fiat currency. He argued this makes Bitcoin less susceptible to manipulation compared to traditional government-backed money.
The post SpaceX Transfers 281 Bitcoin Worth $31 Million in Third October Movement appeared first on Blockonomi.
Source: https://blockonomi.com/spacex-transfers-281-bitcoin-worth-31-million-in-third-october-movement/