Elon Musk’s SpaceX has made headlines again, this time not for a rocket launch, but for a major Bitcoin (BTC) transfer.
The space exploration company has moved around 2,495 Bitcoin, worth roughly $268 million, to new digital addresses, marking its first significant cryptocurrency activity in three months.
The transaction has caught the attention of both the crypto and investment communities, sparking questions about the company’s intentions and the broader implications for the digital asset market.
SpaceX’s crypto move sparks market attention
According to blockchain data tracked by Arkham Intelligence, the SpaceX-linked wallet transferred the funds to two new addresses earlier this week.
The wallet, previously dormant since July, had last moved about $153 million worth of Bitcoin at that time after three years of inactivity.
The movement suggests that SpaceX remains an active Bitcoin holder and continues to manage its digital assets strategically.
After the transfer, SpaceX’s wallet still holds approximately 5,790 BTC, valued at around $625 million at current market prices.
Before this latest move, the company’s total Bitcoin holdings stood near 8,285 BTC, worth about $893 million.
Analysts view the move as internal management
Market analysts believe SpaceX’s Bitcoin transaction is part of an internal reorganisation rather than a liquidation, especially since the new addresses receiving the coins have shown no signs of onward transactions.
The absence of outgoing activity from the new wallets strengthens the theory that this is a custody or treasury management move.
Many large companies routinely shuffle their crypto holdings for improved security, accounting, or strategic diversification, and SpaceX appears to be doing the same.
This mirrors a similar pattern from July, when SpaceX transferred 1,308 BTC worth around $153 million.
That movement followed a long period of silence and signaled renewed engagement with its crypto assets.
Analysts say the latest transfer aligns with this emerging pattern, where SpaceX makes large but infrequent internal adjustments rather than public market sales.
Bitcoin price drops, erasing Uptober optimism
The timing of SpaceX’s transfer coincides with renewed weakness in the Bitcoin market.
After a short-lived rebound, the Bitcoin price has slipped nearly 3% to around $107,700 as optimism over “Uptober” — a term describing October’s traditionally strong crypto performance — faded.
The drop came despite easing US–China trade tensions and rising stock markets in Asia and the United States.
Notably, Bitcoin (BTC) has decoupled from broader equity markets and is lagging badly in a high-risk environment.
The cryptocurrency’s struggle to stay above $110,000 followed an early-month flash crash that erased roughly $500 billion in total crypto market capitalisation.
ETH, XRP, BNB, and other major altcoins also traded lower, amplifying the cautious sentiment.
According to technical analysis, Bitcoin must hold above $106,202 to avoid deeper losses.
A break below that level could send the price down toward $103,491, while a move above $115,321 could help regain momentum toward $124,786 and beyond.
Currently, BTC trades below its major Exponential Moving Averages, reflecting a bearish short-term trend.
But despite the pullback, analysts say SpaceX’s continued engagement with Bitcoin shows that institutional interest has not disappeared.
The company’s activity underscores that, even in volatile markets, major players still view digital assets as a meaningful component of future financial strategies.
For now, investors are watching SpaceX’s wallets closely, since a selloff could mean disaster for the Bitcoin price, which is already on a slippery slope.
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