SpaceX moved a new chunk of Bitcoin this week, and traders took note. According to blockchain trackers, the space company transferred 281 BTC on Thursday, worth about $31.33 million.
The move came as Bitcoin fell below $110,000 following hawkish comments from Federal Reserve Chairman Jerome Powell, adding to the market turmoil.
SpaceX wallet movement raises questions
According to Arkham Intelligence and on-chain detective Look'nChain, the transfer was part of a larger transaction that saw more than 1,207 BTC leaked from wallets linked to SpaceX.
The report revealed that 281 BTC (the unspent portion) was sent to the bc1qmg address and $19.33 of BTC was transferred to Coinbase Prime.
The remaining 927 BTC appears to have been returned to the original SpaceX wallet. Lookonchain reported this move on October 30th.
Source: Arkham
Three moves, a lot of speculation
This is the third time in about 10 days that the company has moved coins. Previous transfer fees amounted to approximately $134 million and $268 million.
According to reports, SpaceX has moved nearly $450 million into Bitcoin in this short period of time. Market watchers cite several possible reasons.
Some believe this shift is due to management or internal accounting. Some see this activity as a sign that the company is reshaping how it stores cryptocurrencies. No official word has been released confirming these theories.
Musk's comments and historical background
Elon Musk publicly mentioned Bitcoin on Oct. 14, praising its energy infrastructure after years of criticism for its power usage, but many linked his comments to recent developments.
After a period of turmoil in the cryptocurrency market, including the collapse of Terra Luna and the downfall of FTX, SpaceX significantly reduced its holdings by approximately 70% in 2022. These past cuts still factor into how observers read current transfers.
Market reaction and price decline
Once the transfer became known and Powell's comments got through to traders, the price of Bitcoin plummeted. BTC fell more than 2% in one hour to around $107,000, and fell more than 3% in 24 hours.
According to the report, the 24-hour low was $107,050 and the high was $112,500. Some analysts said the decline was indicative of caution among traders rather than widespread panic.
What does this mean going forward?
The facts are clear. A lot of money has been moved, but questions remain. Based on on-chain data, this pattern appears to be a storage move rather than a full liquidation, but without a statement from SpaceX there is a lack of certainty.
For now, traders will keep an eye on large wallet activity and macro signals from the Fed. These two forces are thought to shape Bitcoin's short-term price movements.
Featured images from Pexels, charts from TradingView
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