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.

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.

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.