SpaceX, the space exploration firm led by Elon Musk, transferred another 281 Bitcoin, worth roughly $31.33 million, to a new wallet on Thursday.
Blockchain investigator Lookonchain reported that the funds went to a new address, different from SpaceX’s previous destinations.
Data from Arkham shows that 1,207 BTC were moved from a wallet associated with SpaceX. Out of this, 281 BTC went to the new address labeled “bc1qmg,” while $19.33 million worth of Bitcoin was sent to Coinbase Prime. The remaining 927 BTC returned to SpaceX’s original wallet.
Analysts suggest these movements are related to custody rather than to sales or disposals.
Three Major Transfers in Ten Days
This marks the third large-scale Bitcoin transaction by SpaceX within the past ten days. Earlier transfers included $133.7 million and $268 million in Bitcoin. In total, the company has now moved approximately $450 million worth of BTC this month.
Although SpaceX has not issued any official statement, the rapid sequence of transfers has fueled considerable market speculation.
SpaceX(@SpaceX) just transferred another 281 $BTC($31.28M) to a new wallet — likely for custody purposes.
In the past 10 days, #SpaceX has moved their BTC holdings three times.https://t.co/zW62EKM2RD pic.twitter.com/XstZgyryOA
— Lookonchain (@lookonchain) October 30, 2025
Crypto Market Reacts to Transfers and Fed Remarks
The latest transfers occurred as the Bitcoin price fell below $110,000 following remarks by Jerome Powell on future U.S. interest rate cuts. Powell’s hawkish tone fueled caution in financial markets, which, combined with SpaceX’s Bitcoin activity, appeared to put additional pressure on prices.
Within an hour of the news, Bitcoin declined by more than 4%, hitting a low of $108,000 before recovering slightly. Despite the dip, trading volume remained largely unchanged, suggesting traders are adopting a wait-and-see approach amid uncertainty.
Musk’s Shift Toward a Pro-Bitcoin Stance
The transfers also drew attention because they followed Elon Musk’s recent comments about Bitcoin. On October 14, Musk praised Bitcoin’s “true energy basis,” marking his first positive remark about the cryptocurrency in several years.
This change contrasts with Musk’s earlier criticism of Bitcoin’s energy consumption. His new tone has fueled speculation that SpaceX might be revisiting its Bitcoin strategy.
Historical Context: SpaceX’s BTC Holdings Adjustment
In 2022, SpaceX reportedly reduced its Bitcoin holdings by approximately 70% following the Terra-Luna crash and the subsequent FTX collapse, which shook global cryptocurrency markets.
However, the company’s latest transactions suggest a potential reevaluation of its Bitcoin strategy as prices fluctuate and Musk’s sentiment toward the cryptocurrency improves.
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