Over the past ten days, Elon Musk’s SpaceX successfully executed its third significant Bitcoin transfer, raising eyebrows in the cryptocurrency world. According to Arkham Intelligence, a blockchain analytics firm, SpaceX transferred 281 BTC (approximately $31.3 million) to a new wallet on October 30th. This maneuver occurred shortly after Bitcoin’s price dipped below $110,000 due to cautious remarks by Federal Reserve Chair Jerome Powell regarding rate cuts.
SpaceX Intensifies Bitcoin Operations
Blockchain analytics platform Lookonchain noted that the latest movement was to a new wallet, differing from previous patterns. From its 1,207 BTC portfolio, SpaceX moved 281 BTC to a fresh address, while 19.3 BTC was sent to Coinbase Prime. The remaining 927 BTC were reportedly transferred back to a wallet presumed to still be under SpaceX’s ownership.
Through these three separate transfers in ten days, SpaceX has moved a total of approximately $450 million worth of Bitcoin, including transactions worth $133.7 million and $268 million. Analysts speculate that this heavy activity might be tied to custody regulations or a potential reorganization of the company’s asset management strategies.
Musk’s Stance on Bitcoin and Price Repercussions
The transactions facilitated by SpaceX under Musk’s leadership have sparked discussions in social media circles, with many questioning if this indicates a new strategy. Elon Musk’s recent positive comments on Bitcoin, after years of silence, have only added fuel to the speculation. Previously critical of Bitcoin’s energy consumption, Musk has recast it as a legitimate asset with a solid energy basis.
In 2022, following the Terra-Luna crisis and FTX collapse, SpaceX reduced its Bitcoin holdings by approximately 70%, signaling a strategic shift in market sentiment. However, the lack of clarity in Fed Chair Powell’s messages regarding potential December rate cuts has dampened investors’ risk appetite. Consequently, Bitcoin’s price retreated by over 2%, reaching as low as $108,000. It recently plummeted over 4% within 24 hours, trading between $108,097 and $113,642.