- SpaceX moved $31.33M in Bitcoin to a new wallet, marking its third major transfer in ten days.
- Analysts link SpaceX’s Bitcoin transactions to custody management rather than selling or liquidation activity.
- The transfers followed Musk’s renewed pro-Bitcoin stance and coincided with Bitcoin’s brief drop to $108K.
Elon Musk’s SpaceX has moved $31.33 million worth of Bitcoin to a new wallet, marking its third major transfer in ten days. The move, observed on October 30, has drawn attention across the crypto market as analysts connect the transactions to custody management rather than asset liquidation.
SpaceX Transfers $31M in Bitcoin to New Wallet
According to on-chain data from Arkham, SpaceX moved over 1,207 BTC on October 30. Out of this, 281 BTC worth $31.33 million were sent to a new address labeled “bc1qmg.” Meanwhile, $19.33 million in Bitcoin was transferred to Coinbase Prime, and 927 BTC returned to SpaceX’s original wallet.
On-chain analyst Lookonchain reported that this transaction differed from SpaceX’s previous ones, which were sent to known destinations. Analysts believe the latest movement was likely for custody management rather than liquidation or trading activity.
This is the company’s third major Bitcoin transfer in ten days, following earlier transactions of $133.7 million and $268 million. Together, these transfers amount to approximately $450 million worth of BTC moved this month.
Market Reaction and Musk’s Renewed Bitcoin Interest
The latest transfers coincided with a 2% drop in Bitcoin’s price to $108,000 within an hour. The decline was influenced by both SpaceX’s on-chain activity and Federal Reserve Chair Jerome Powell’s cautious remarks on future rate cuts.
Data from CoinMarketCap shows Bitcoin’s trading volume remained stable despite the drop, suggesting cautious market behavior. Analysts observed that trading sentiment turned risk-averse following the developments.
Elon Musk’s recent pro-Bitcoin comments also drew attention to the timing of these movements. On October 14, Musk praised Bitcoin’s “true energy basis,” marking his first positive statement about BTC in years. The company’s earlier reduction of Bitcoin holdings by 70% in 2022, during the Terra-Luna and FTX crashes, contrasts with its current active custody adjustments, indicating a potential repositioning in its digital asset strategy.
