On-chain monitoring revealed that SpaceX recently transferred $286 million worth of Bitcoin to two unmarked addresses after three months of no on-chain activity.
Summary
- SpaceX transferred 2,395 BTC, worth about $268 million, to two new wallets after three months of inactivity.
- The transfers come as the price of Bitcoin falls below $110,000, prompting market watchers to closely monitor SpaceX activity for signs of a possible liquidation even though traders see the move as a standard cleanup.
After three months of inactivity, a wallet owned by Elon Musk’s space exploration company recently transferred a total of 2,395 BTC to two on-chain addresses. Currently, both addresses only hold BTC, with no indication that the holdings have been sold or moved to other wallets.
Based on current market prices, the company’s Bitcoin (btc) the transfer is currently valued at around $268 million. An address that begins with bc1qq78 received around 1,187 BTC, valued at $128.35 million. At the time of this publication, the address only contains Bitcoin and no other assets.
Meanwhile, the second direction, which begins with bc1qj7ereceived a Bitcoin transfer of approximately 1208 BTC. Its holdings are currently valued at $130.4 million, with no assets other than the recent SpaceX transfer.
On-chain analyst Ai Yi, who highlighted the two transfers based on information from Arkham Intelligence, surmised in a mail that the move could simply be a routine wallet reorganization, considering that the company had to pay a transfer fee to Coinbase Prime just minutes before the transactions were made. It is well known that SpaceX holdings are currently escrow on Coinbase Prime.
Therefore, the two unmarked wallets could also belong to SpaceX, although they are currently unmarked by Arkham Intelligence.
The last time Musk’s company moved its crypto assets was in July 2025. At that time, the wallet moved 1,308 BTC after three years of inactivity. The transfer was valued at $152 million according to market prices at the time. However, the receiving address at that time was recognized as a Coinbase Prime Custody Wallet.
After today’s transfers, SpaceX’s wallet currently holds a total of 5,790 BTC, which is equivalent to $626.7 million based on current market prices. Its holdings are down 2.98% in the last 24 hours, following Bitcoin’s fall below $110,000.
According data Of the Bitcoin Treasuries, SpaceX’s BTC holdings amounted to 8,285 BTC before the transfers were made. This means that the company’s holdings were valued at $895.38 million.
Having held Bitcoin in its portfolio since 2021, the company’s BTC hoard of 5,790 BTC is still relatively larger compared to companies like KindlyMD, Semler Scientific, and GameStop Corp. Although it is still far behind Galaxy Digital, Trump Media & Technology Group, Riot Platforms, and Musk’s other company, Tesla.
What Could SpaceX’s BTC Moves Mean for the Market?
The last time the SpaceX wallet excited Bitcoin was in July 2025. At the time, the move raised concerns among traders who feared the company could be unloading its holdings and could very well trigger widespread selling pressure.
However, much like the talk surrounding today’s transfer, some traders have downplayed the risks. Many of them claimed that the move could simply be the company transferring its holdings to a new wallet, an act seen as simply “routine housekeeping.” Therefore, it should not be a cause for alarm.
This time, the decision to move a large portion of its funds into two new wallets coincides with a significant drop in the value of Bitcoin. On October 21, Bitcoin fell 2.76% from a high of $111,555 to around $107,000. The largest cryptocurrency by market capitalization is currently trading at around $107,875.
The asset has continued its downward trend, having declined by 3.76% last week following a series of crypto market declines. Market traders may be watching SpaceX closely in case of a sell-off that could trigger similar moves across the market that would put further downward pressure on the price of Bitcoin.
