SpaceX Makes Third Huge Bitcoin Transfer in 10 Days, Is Elon Musk Planning Something Big?

Elon Musk’s space exploration company, SpaceX, moved another 281 Bitcoin on Thursday, according to blockchain analytics firm Arkham Intelligence.

The third major Bitcoin transfer by the firm sparked speculations within the crypto community as BTC price slipped below $110K again after Fed Chair Jerome Powell’s hawkish remarks.

SpaceX Moves Another 281 Bitcoin

SpaceX moved $31.33 million to a new wallet rather than to the wallets in the previous transfers, on-chain analyst Lookonchain reported on October 30. As per the on-chain expert, the latest transfer is likely related to custody purposes.

Arkham transaction data revealed over 1207 BTC moved from the wallet linked to SpaceX. Unspent 281 BTC worth $31.33 moved to ‘bc1qmg’ and spent $19.33 in BTC moved to Coinbase Prime. Also, the remaining 927 BTC moved back to the SpaceX wallet.

In the past 10 days, Elon Musk’s space exploration company has moved its BTC holdings three times. The company transferred $133.7 million and $268 million in Bitcoin earlier. The company has now moved a total of approximately $450 million.

Bitcoin Transfers Follow Elon Musk’s Pro-Bitcoin Remarks

The sudden and huge transactions have caused a strong stir across the global crypto market. The crypto community speculates whether Elon Musk is taking caution ahead of a potential market correction or strategically restructuring assets in preparation for something big.

Notably, Bitcoin transfers surfaced after Elon Musk mentioned Bitcoin on October 14, the first time in many years. He praised BTC’s true energy basis, making a notable shift from criticizing BTC’s energy consumption to a pro-Bitcoin rhetoric.

In 2022, SpaceX reduced its Bitcoin holdings by around 70%, possibly triggered by the crypto market crash caused by the Terra-Luna crisis and the collapse of FTX.

BTC Price Tumbles to $108K

The panic related to Elon Musk’s SpaceX moving Bitcoin and hawkish remarks from Fed Chair Jerome Powell on an uncertain Fed rate cut in December caused BTC price to plunge over 2% to $108K in just an hour.

BTC price is now down more than 4% in the last 24 hours, with a 24-hour low and high of $108,097 and $113,642, respectively. Trading volume remains flat in the last 24 hours, signaling that traders are turning cautious.