The move came as Bitcoin slid back under $110K following hawkish remarks by Federal Reserve Chair Jerome Powell, and it added fuel to market chatter.
Reports have disclosed that 281 BTC — the unspent portion — was sent to a bc1qmg address, while $19.33 in BTC was routed to Coinbase Prime.
The remaining 927 BTC appears to have been returned to the original SpaceX wallet. Lookonchain reported the move on October 30.
This is the third time in about 10 days that the company has moved coins. Earlier transfers amounted to roughly $134 million and $268 million.
Some believe the shifts are for custody or internal accounting. Others see the activity as a sign the firm is reorganizing how it stores crypto. No official word has been released to confirm those theories.
Elon Musk mentioned Bitcoin publicly on October 14, praising its energy basis after years of criticism about its power use, and that comment has been paired by many with the recent moves.
In 2022, SpaceX significantly reduced its holdings — cutting them by about 70% — after a turbulent period in crypto markets that included the Terra-Luna collapse and FTX’s downfall. Those past cuts still factor into how observers read any current transfers.
Bitcoin’s price dropped quickly when the transfers became known and Powell’s comments reached traders. BTC fell more than 2% in an hour to about $107K, and was down more than 3% over a 24-hour stretch.
Reports show a 24-hour low of $107,050 and a high of $112,500. Trading volume did not jump much during the sell-off, which some analysts say points to caution among traders rather than a wide panic.
The facts are clear: sizeable sums moved, and questions remain. Based on on-chain data, the pattern looks like custody shifts rather than outright liquidation, but certainty is lacking without a statement from SpaceX.
For now, traders will keep an eye on large wallet activity and macro signals from the Fed. Those two forces are likely to shape short-term price swings for Bitcoin.
Featured image from Pexels, chart from TradingView
