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Recent on-chain analysis indicates that SpaceX has transferred $286 million worth of Bitcoin to two unlabelled addresses after a three-month period without any on-chain activity.
Summary
- SpaceX has moved 2,395 BTC, valued at approximately $268 million, to two new wallets following three months of inactivity.
- This transfer occurs as Bitcoin’s price dips below $110,000, leading market watchers to scrutinize SpaceX’s activities for signs of a potential sell-off, although many traders regard the move as typical housekeeping.
After a three-month lull, a wallet linked to Elon Musk’s SpaceX has recently transferred a total of 2,395 BTC to two on-chain addresses. Currently, both wallets exclusively hold BTC, with no signs indicating that the funds have been liquidated or transferred elsewhere.
Based on prevailing market values, the Bitcoin (BTC) transferred is approximately worth $268 million. One address, beginning with bc1qq78, received around 1,187 BTC, equating to $128.35 million. As of the latest update, this address solely holds Bitcoin with no additional assets.
The second address, beginning with bc1qj7e, has received a Bitcoin transfer of about 1,208 BTC, valued at $130.4 million, and also holds no assets apart from the recent SpaceX transfer.
On-chain analyst Ai Yi, who brought attention to these transactions based on data from Arkham Intelligence, suggested in a post that these movements might simply reflect a standard wallet reorganization, particularly since the firm had to pay a transfer fee to Coinbase Prime shortly before these transactions occurred. It’s well-known that SpaceX’s crypto assets are currently held with Coinbase Prime.
Consequently, it’s plausible that the two unlabelled wallets belong to SpaceX, despite their current lack of identification by Arkham Intelligence.
The last movement of crypto assets by Musk’s company was in July 2025, where 1,308 BTC was transferred after being dormant for three years, valued at $152 million based on then-current market prices. The receiving address at that time was identified as a Coinbase Prime Custody wallet.
Following today’s transactions, SpaceX’s wallet now holds a total of 5,790 BTC, equivalent to $626.7 million based on current market rates. This represents a 2.98% decrease in holdings over the past 24 hours, occurring as Bitcoin falls below $110,000.
Data from Bitcoin Treasuries indicates that prior to these transfers, SpaceX’s BTC holdings amounted to 8,285 BTC, valued at approximately $895.38 million.
Since acquiring Bitcoin in 2021, SpaceX’s current trove of 5,790 BTC remains relatively substantial compared to companies like KindlyMD, Semler Scientific, and GameStop Corp., but it still falls short of firms such as Galaxy Digital, Trump Media & Technology Group, Riot Platforms, and Tesla, which is also headed by Musk.
What might SpaceX’s BTC transactions signify for the market?
The last instance of SpaceX’s wallet moving Bitcoin occurred in July 2025, raising concerns among traders who feared potential offloading of the company’s holdings, which could lead to widespread market selling pressure.
Nevertheless, as with today’s activity, many traders remain cautious, arguing that the transaction may merely signal a routine transfer to a new wallet, characterized as “housekeeping,” hence warranting no major concerns.
This time around, the decision to transfer a significant portion of funds to new wallets coincides with a notable drop in Bitcoin’s value. On October 21, Bitcoin fell by 2.76% from a peak of $111,555 to around $107,000. As of now, the largest cryptocurrency is trading at approximately $107,875.
The asset’s value has continued to decline, dropping by 3.76% over the past week amid multiple crypto market crashes. Traders are likely monitoring SpaceX closely for any signs of a sell-off that could lead to a broader market reaction and further downward pressure on Bitcoin’s price.
