TLDR
- SpaceX executed a 281 Bitcoin transfer worth $31.33 million on October 30, marking the third major move in 10 days
- Combined with previous transfers, SpaceX has moved $450 million in Bitcoin this month
- The company retains 7,258 BTC valued at $791 million while Tesla holds 11,509 BTC worth $1.25 billion
- Transfers occurred after Elon Musk praised Bitcoin’s energy basis on October 14 for the first time in years
- Bitcoin dropped 2% to $108,000 following the transaction and Federal Reserve commentary
SpaceX transferred 281 Bitcoin valued at $31.33 million on October 30, according to blockchain analytics firm Arkham Intelligence. This represents the third major Bitcoin movement by Elon Musk’s aerospace company in just 10 days.
Blockchain data shows 1,207 BTC moved from SpaceX’s wallet. The transfer sent 281 BTC to a new wallet address, moved portions to Coinbase Prime, and returned 927 BTC to SpaceX’s original wallet.
On-chain analyst Lookonchain documented the transaction. The expert noted this transfer utilized a different destination wallet compared to the two prior movements.
Over the past 10 days, SpaceX has transferred approximately $450 million in Bitcoin. Earlier transactions included movements of $133.7 million and $268 million.
The frequency of these transfers has sparked conversation across crypto markets. Some analysts attribute the moves to routine custody management while others speculate about potential strategic repositioning.
Corporate Bitcoin Holdings
SpaceX currently controls 7,258 BTC worth approximately $791 million based on Arkham Intelligence tracking. Tesla, another Elon Musk company, maintains 11,509 BTC valued at $1.25 billion.
Together, both corporations hold $2.04 billion in Bitcoin. This places them among the world’s largest institutional cryptocurrency holders.
Market downturns have reduced the dollar value of both portfolios. Neither company has announced intentions to sell their Bitcoin holdings.
These transfers follow Elon Musk’s first positive Bitcoin remarks in years. On October 14, Musk praised Bitcoin’s energy-based foundation.
The comments represented a departure from his previous stance criticizing Bitcoin’s energy usage. Musk argued that Bitcoin’s energy backing provides advantages over traditional fiat currencies.
Bitcoin Price Impact
Bitcoin’s price declined more than 2% to $108,000 after the SpaceX transfer became public. Federal Reserve Chair Jerome Powell’s statements about December interest rate uncertainty also pressured prices.
The cryptocurrency fell over 4% in a 24-hour period. Trading ranged between $108,097 and $113,642 during this timeframe.
Trading volume remained unchanged throughout the day. Market observers interpret this as cautious behavior from traders.
Crypto community members have questioned the purpose behind three transfers in 10 days. One user stated that this frequency suggests more than standard custody operations.
Platform BlockTempo raised the possibility that SpaceX may be preparing for partial Bitcoin sales. The company has not released official statements addressing these speculations.
SpaceX previously reduced its Bitcoin position by 70% in 2022. The sell-off followed the Terra-Luna ecosystem collapse and FTX exchange bankruptcy.
Lookonchain analysts maintain the latest transfer likely involves custody restructuring. The use of distinct wallet addresses for each transaction aligns with this interpretation.
Musk recently highlighted Bitcoin’s energy dependence as a core strength. He positioned this characteristic as protection against the manipulation risks associated with government-issued currencies.
SpaceX’s wallet activity continues to draw attention from cryptocurrency investors and market analysts monitoring institutional Bitcoin movements.
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