SpaceX Moves 281 BTC in Third Transfer as Bitcoin Dips
SpaceX completed its third on-chain Bitcoin transfer in ten days, moving 281 BTC (approx. $31.3 m) on October 30. On-chain analysis by Arkham Intelligence and Lookonchain shows a total of 1,207 BTC shifted from a SpaceX-linked wallet: 281 BTC to a new bc1q address, 927 BTC returned to the original wallet, and $19.33 m sent to Coinbase Prime. Combined with prior SpaceX Bitcoin transfers of $134 m and $268 m, the company has moved over $450 m in BTC recently.
Traders view these moves as security or custody adjustments rather than liquidations, given no official comment from SpaceX. The transfers coincided with a 2% drop in Bitcoin’s price to around $107,000 after Fed Chair Powell’s hawkish remarks, although trading volume remained stable. Crypto traders should monitor large wallet movements for potential impacts on Bitcoin liquidity and volatility, especially as macro signals from the Fed could trigger short-term price swings.
Neutral
The news of SpaceX’s repeated Bitcoin transfers appears driven by custody or security measures rather than selling pressure. Despite moving over $450 m in BTC across three transfers, the lack of liquidation signals and stable trading volume point to a neutral market impact. In the short term, traders may see mild volatility around large wallet movements and Fed announcements. Over the long term, the operations underscore institutional handling of crypto assets without directly influencing Bitcoin’s supply-demand balance.