SpaceX on Stealth Mode: Why Elon Musk Moves His BTC Treasure
On October 24, over 1,215 BTC, equivalent to 133.7 million dollars, were transferred from wallets identified as belonging to SpaceX to new, unlabeled addresses. This operation was detected by Arkham Intelligence, which promptly alerted the community on X. Just a few days prior, the same entity had moved a substantial 2,495 BTC, valued at 268 million dollars.
Despite these significant transactions, there has been no official statement or public comment from Elon Musk, who typically uses humor and online announcements as strategic tools. This silence stands in stark contrast to his usual communication style.
Adding to the intrigue, a parallel transfer of 150 dollars in bitcoin was sent to Coinbase Prime. The purpose of this small but symbolic sum remains a mystery, with some speculating it could be a technical test or a subtle acknowledgment.
Observers suggest various reasons for these movements, including internal restructuring or a migration to more secure wallets, a common practice during periods of heightened market volatility. Since 2022, SpaceX had reduced its Bitcoin holdings by 70%, largely in response to the fallout from the Terra-Luna and FTX collapses.
The last recorded on-chain activity from SpaceX concerning Bitcoin was in July. The sudden emergence of these two swift, massive, and methodical transfers has captured widespread attention.
Bitcoin, Musk, and the Stacking Logic: Who Keeps What, and Why?
The figures associated with these transactions are substantial. SpaceX currently holds 6,970 BTC, valued at approximately 770 million dollars. Tesla, another company associated with Elon Musk that has invested in cryptocurrency, maintains 11,509 BTC, worth over 1.24 billion dollars.
A notable difference exists between the two entities: Tesla's Bitcoin holdings have remained static since October 2024, while SpaceX has become active. This divergence could indicate a strategic separation of assets or, as some hypothesize, a broader portfolio consolidation across the group.
Elon Musk's involvement in the cryptocurrency space extends beyond Bitcoin. He has previously brought attention to Dogecoin and influenced Ethereum prices, leaving a mark on various major cryptocurrencies. However, current focus is predominantly on his company's Bitcoin activities.
Meanwhile, the broader cryptocurrency market is experiencing oscillation. These recent transfers have not triggered explosive reactions but have created a palpable sense of tension. Bitcoin is trading around 111,324 dollars, with volatility remaining a significant factor. Other cryptocurrencies, including ETH and SOL, are struggling to regain momentum, partly due to substantial sales in Asian markets following tariff announcements.
Key Figures to Remember About SpaceX, Elon Musk, and Bitcoin
- •SpaceX transferred 133.7 million dollars in Bitcoin on October 24.
- •2,495 BTC were transferred earlier in the same week.
- •SpaceX currently holds 6,970 BTC.
- •Tesla holds 11,509 BTC.
- •The current Bitcoin price is 111,324 dollars.
October has historically been a challenging month for Bitcoin, with some analysts predicting its worst performance for the period. In the face of market uncertainty, Elon Musk and SpaceX appear to be adopting a strategy of silent movement, raising questions about whether this is a waiting game or a significant signal for the future.