SpaceX Moves 281 Bitcoin Amid Market Jitters as BTC Slips Below $110K

Elon Musk’s SpaceX has transferred another 281 Bitcoin, worth approximately $31.33 million, according to blockchain analytics firm Arkham Intelligence. The move marks the company’s third major Bitcoin transaction in just ten days, fueling speculation within the crypto community as Bitcoin prices fell below $110,000 following hawkish comments from Federal Reserve Chair Jerome Powell.

On-chain analyst Lookonchain revealed that the latest transfer, executed on October 30, sent the Bitcoin to a new wallet, suggesting a shift in custody arrangements rather than liquidation. Data from Arkham shows that over 1,207 BTC were moved from a wallet linked to SpaceX. Of that, 281 BTC were transferred to a new wallet labeled ‘bc1qmg,’ about $19.33 million in BTC went to Coinbase Prime, and 927 BTC returned to the original SpaceX wallet.

This latest movement follows two earlier transactions totaling $133.7 million and $268 million, bringing SpaceX’s total Bitcoin transfers this month to roughly $450 million. Analysts believe the company could be reorganizing its crypto holdings in preparation for market changes or implementing new asset management strategies.

The transfers came shortly after Elon Musk publicly praised Bitcoin on October 14 for its “true energy basis,” marking a shift from his previous criticism of the cryptocurrency’s energy consumption. SpaceX had reduced its Bitcoin holdings by about 70% in 2022 following the Terra-Luna collapse and FTX meltdown.

Following the latest developments and Powell’s remarks on interest rates, Bitcoin’s price dropped over 2% within an hour, touching a low of $108,097. At the time of writing, BTC remains down more than 4% in the last 24 hours, with trading volume showing little movement—signaling market caution amid Musk’s renewed crypto activity.