SpaceX moves another 281 BTC as wallet shuffle continues
After a week of heavy wallet activity, Elon Musk’s SpaceX has again moved a portion of its Bitcoin holdings.
- SpaceX transferred 281 BTC, worth $31.28 million, to a new wallet on October 30, its third major Bitcoin move in ten days.
- The transaction followed earlier transfers of 2,395 BTC and 1,215 BTC, bringing total October movements to over $432 million.
- All transfers were routed via Coinbase Prime Custody, suggesting internal restructuring rather than selling activity.
On-chain data on October 30 shows that SpaceX has transferred another 281 BTC, worth about $31.28 million. The transaction, routed via Coinbase Prime Custody, marks the company’s third large Bitcoin movement in the past ten days, breaking months of prior inactivity.
SpaceX shuffles Bitcoin holdings | Source: Arkham
Arkham Intelligence data shows the BTC ( BTC ) transfer came from a SpaceX-linked wallet and landed in a newly created address holding only the received funds. The initiating wallet had already been involved in earlier transfers this month, and the latest transaction follows two previous rounds of activity in recent weeks.
Roughly 2,395 BTC, worth $268 million, was previously moved on Oct. 19, followed by another 1,215 BTC on Oct. 24, estimated at $134 million at the time of the transaction, bringing the total moved this month to over $432 million.
SpaceX’s Bitcoin shuffle: Looming dump or custody routine?
The pattern of fresh wallet creation, consistent routing through Coinbase Prime Custody, and the absence of any deposits to known exchange addresses suggest SpaceX is restructuring custody, not offloading its Bitcoin. Similar movements in past quarters were later identified as internal reorganizations linked to security or accounting adjustments.
Still, the timing has caught market attention. Bitcoin is trading near $110,000 at the time of writing, down roughly 2.12% on the day after dipping from the week’s high above $115,000, and large institutional transfers tend to stir speculation about possible sell pressure.
However, none of the receiving wallets linked to the firm have shown any outgoing transactions since the recent reshuffle began, suggesting that the assets remain in cold storage rather than being sent to exchanges for liquidation.
SpaceX is estimated to hold between 6,900 and 7,000 BTC, placing it among the biggest corporate holders after. Separately, Tesla, another of Musk’s companies with BTC on its books, holds about 11,509 BTC worth $1.27 billion at current Bitcoin prices.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
The AI boom may follow the path of the 19th-century railway bubble, and builders may not be the ultimate winners
Goldman Sachs analyst Bobby Molavi compared the current situation to the 19th-century British railway mania: 500 companies spent more than the nation's annual income building 8,000 miles of railway, with most early investors losing out, while the real beneficiaries were the later "passengers." He pointed out that the current AI craze is driven by both debt and momentum, and that the S&P 500’s forward P/E ratio of 18x is only "a bit cheaper." Whether the builders can retain value is uncertain, and history does not offer an optimistic answer.
If Anthropic's IPO goes smoothly and the stock price rises next week, then everything remains the same for AI. Otherwise, some companies will go bankrupt.
The shrinking valuations of two major giants have triggered a chain reaction—investors are adopting more conservative revenue multiples for AI startups and are directly halting high-valuation financing for companies with zero revenue. Multiple venture capital firms have advised their portfolio companies to lower valuation expectations and to quickly build up cash reserves. Market participants warn that the outcome of Anthropic’s IPO will be a barometer for the industry: if successful, the boom will continue; if it fails, some companies may face elimination.
After the Brazilian election, political discount deepens; Morgan Stanley remains bullish on Petrobras (PBR.US), focusing on fuel pricing and dividends
Morgan Stanley still maintains its most optimistic "Overweight" rating, but has lowered its year-end 2027 target price from $31 to $25.
Corning (GLW.US) receives initial "Buy" rating from Jefferies! AI factories driving a fiber optic rush, with a potential global supply gap of up to 30%
For Corning, the recent profit growth mainly comes from the expansion of AI clusters. As the number of optical links crossing cabinets and campuses increases, customers need to deploy more optical fibers within limited conduit and cabinet space, thus driving demand for high-density optical cables and connection systems.
Crypto prices
More
