Trusted editorial content reviewed by leading industry experts and experienced editors. Ad Disclosure
SpaceX moved a brand new Bitcoin block this week and traders took notice. According to blockchain trackers, the space company transferred 281 BTC on Thursday, a transfer price about $31.33 million.
The move got here as Bitcoin fell back below $110,000 following hawkish comments from Federal Reserve Chair Jerome Powell and added to market talk.
SpaceX wallet movements raise questions
According to data from Arkham Intelligence and on-chain expert Lookonchain, the transfer was part of a bigger series of transactions that saw greater than 1,207 BTC leave a SpaceX-linked wallet.
Reportedly, 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 unique SpaceX wallet. Lookonchain reported the move on October thirtieth.
Source: Arkham
Three steps, plenty of speculation
This is the third time in about 10 days that the corporate has moved coins. Previous transfers totaled roughly $134 million and $268 million.
SpaceX has now reportedly transferred almost $450 million into Bitcoin on this short time frame. Market observers have cited several possible reasons.
Some imagine the moves are for custody or internal accounting purposes. Others see the activity as an indication that the corporate is reorganizing the way it stores cryptocurrencies. No official word has been released confirming these theories.
Musk's comments and historical context
Elon Musk publicly mentioned Bitcoin on October 14, praising its energy base after years of criticism over its power consumption, and the comment was linked by many to the recent moves.
In 2022, SpaceX reduced its holdings significantly – by around 70% – after a turbulent period in crypto markets that included the collapse of Terra-Luna and the demise of FTX. These past cuts still play a task in how observers interpret current transfers.
BTCUSD is currently trading at $110,262. Chart: TradingView
Market response and price decline
Bitcoin's price fell quickly because the transfers became known and Powell's comments reached traders. BTC fell greater than 2% in an hour to around $107,000 and fell greater than 3% in 24 hours.
According to reports, the 24-hour low is $107,050 and the high is $112,500. Trading volume didn’t increase much through the selloff, indicating caution amongst traders slightly than widespread panic, based on some analysts.
What this implies for the longer term
The facts are clear: significant amounts were moved and questions remain. Based on on-chain data, the pattern looks more like a custody shift than a full liquidation, but with no statement from SpaceX, certainty is lacking.
For now, traders will keep watch over major wallet activity and macro signals from the Fed. These two forces are prone to influence Bitcoin's short-term price fluctuations.
Featured image from Pexels, chart from TradingView
Editorial process At Bitcoinist, the main target is on providing thoroughly researched, accurate, and unbiased content. We maintain strict sourcing standards and each page is fastidiously reviewed by our team of top technology experts and experienced editors. This process ensures the integrity, relevance and value of our content to our readers.
