SpaceX Executes Third Significant Bitcoin Transfer in a Decade, Raising Speculations

SpaceX, the aerospace company led by Elon Musk, has initiated another major Bitcoin transfer, moving 281 BTC on Thursday as reported by blockchain analytics firm Arkham Intelligence.

SpaceX's Bitcoin Transfer Activity

According to on-chain analyst Lookonchain, SpaceX transferred $31.33 million to a new wallet, deviating from previous wallet transfers, likely for custody reasons. Arkham's transaction data disclosed a total movement of 1207 BTC from SpaceX-associated wallets. Of these, 281 BTC, valued at $31.33 million, were relocated to 'bc1qmg', while $19.33 million in BTC was transferred to Coinbase Prime. The remaining 927 BTC returned to SpaceX's wallet.

Implications of Recent Transfers

Over the past 10 days, SpaceX has conducted three significant Bitcoin transfers, totaling approximately $450 million. This activity aligns with Elon Musk's recent comments endorsing Bitcoin, marking a shift from his previous critiques of the cryptocurrency's energy consumption.

Market Impact and Speculations

The crypto market has reacted with apprehension, questioning whether these transactions are precautionary measures against market corrections or part of a strategic asset restructuring. This comes after Musk's public support for Bitcoin on October 14, the first in years.

Bitcoin Price and Market Response

Bitcoin's value fell to $108K following SpaceX's actions and hawkish comments from Fed Chair Jerome Powell regarding potential rate cuts. Over the past 24 hours, BTC's price dropped by over 4%, with a low of $108,097 and a high of $113,642, while trading volumes remained stable, suggesting trader caution.