SpaceX, Elon Musk’s space technology company, has stirred new buzz in the crypto market after moving 281 Bitcoin—worth about $31.28 million—into a new wallet. According to blockchain analytics platform Lookonchain, this move marks the third Bitcoin transfer by SpaceX in the past ten days.
Despite the market downturn, many whales remain bullish and are going long!
— Lookonchain (@lookonchain) October 30, 2025
• Trader 0x9553 opened his first position on #Hyperliquid — a 40x long on 179.59 $BTC($19.94M).
• New wallet 0x6988 deposited 1.95M $USDC on #Hyperliquid and opened a 25x long on 4,743 $ETH($18.71M)… pic.twitter.com/HXf7YfbvoO
The latest shift likely aims at custody management, yet it triggered rumors of potential selling. At present, data from Arkham indicates SpaceX holds 7,258 BTC, worth approximately $798 million at today’s Bitcoin price of $108,529.
SpaceX’s Bitcoin holdings have been up and down a lot. They reached more than $1.6 billion in late 2021 and early 2022, but then dropped under $400 million by mid-2022. Since then, the portfolio gradually rebounded and stabilized around its current valuation.
Just days earlier, SpaceX moved over $133 million in Bitcoin, splitting 1,215 BTC across multiple wallets. "They transferred 300 BTC ($33M) and 915 BTC ($100.7M) to new wallets," Arkham Intelligence reported. Interestingly, unlike previous transfers, these wallets are not labeled as SpaceX-controlled addresses.
Tesla’s Bitcoin Strategy and Market Context
SpaceX is not alone among Elon Musk’s ventures maintaining significant Bitcoin holdings. Tesla currently holds 11,509 BTC, valued at more than $1.27 billion, ranking it just outside the top ten publicly traded companies by Bitcoin treasury.
Earlier this year, Tesla updated how it values its Bitcoin and recorded over $600 million in quarterly profits as prices rose. The company last moved about $760 million in Bitcoin in October 2024 and hasn’t made major transfers since.
Meanwhile, big crypto investors, or “whales,” are still taking huge bets despite recent market drops. Lookonchain reported that one opened a 40x Bitcoin long position worth $19.94 million and another took a 25x Ethereum long position worth $18.71 million on Hyperliquid.
Despite the market downturn, many whales remain bullish and are going long!
— Lookonchain (@lookonchain) October 30, 2025
• Trader 0x9553 opened his first position on #Hyperliquid — a 40x long on 179.59 $BTC($19.94M).
• New wallet 0x6988 deposited 1.95M $USDC on #Hyperliquid and opened a 25x long on 4,743 $ETH($18.71M)… pic.twitter.com/HXf7YfbvoO
These big bets show investors remain optimistic, even though Bitcoin fell 3.83% in the past 24 hours. Overall, the crypto market dropped 3.18% to $3.68 trillion, but trading activity rose to $181.41 billion, showing strong market participation.
SpaceX moving Bitcoin doesn’t mean they’re selling. Instead, it looks like safe storage. Still, such transfers grab attention, reminding everyone that big companies’ Bitcoin actions can quickly sway market feelings and investor decisions.