SpaceX Moves $268M in Bitcoin Again Amid Market Volatility

In Brief

• SpaceX transfers 2,395 BTC amid market uncertainty and internal wallet changes.
• CryptoQuant reports a surge in older Bitcoin movements and holder repositioning.
• Bitcoin price falls below $110K as long-term holders reduce exposure by 337,300 BTC.

SpaceX moved 2,395 BTC worth approximately $268 million across two addresses within the last 24 hours. The transfers follow a similar pattern observed three months ago, raising speculation about internal fund management strategies.

According to blockchain data, 1,187 BTC went to address bc1qq…4sduw, while 1,208 BTC reached bc1qj7…6kqef. Both addresses remain inactive post-transfer, with no outgoing transactions yet recorded.

Although the receiving wallets are not labeled, Arkham Intelligence previously marked a similar July transaction as related to Coinbase Prime Custody. Therefore, analysts suggest this movement may represent internal reorganization rather than a sell-off or liquidation.

Long-Term Holders Reduce BTC Positions as Price Declines

Meanhwile, CryptoQuant reported a rise in the 3–5 year spent output age band, which surged to 2,496 BTC in recent activity. This data shows older wallets moved coins recently, potentially indicating a shift in long-term holding sentiment.

Moreover, over the past 30 days, long-term holders reduced their positions by 337,300 BTC, according to CryptoQuant’s latest release on October 21. At the same time, short-term holders increased holdings by 351,100 BTC, showing a major market reshuffle.

Bitcoin’s price has fallen by 2.86% in the last 24 hours and now trades at $108,141.70. Over the past week, the price dropped 3.44%, although a slight hourly uptick of 0.10% was observed.

While MicroStrategy’s and ETF inflows remain steady, analysts believe long-term holders are capitalising on previous gains. This behaviour appears aligned with ongoing shifts in wallet activity and sudden large transfers like those from SpaceX.