Panic spreads! Musk's SpaceX transfers 281 Bitcoins again, transferring $450 million in three weeks.

SpaceX, the space exploration company owned by Elon Musk, conducted another large-scale Bitcoin (BTC) transfer on Thursday (October 30), moving 281 Bitcoins to a new Wallet, valued at approximately $31.33 million. This is the third major transfer by SpaceX in the past 10 days, totaling approximately $450 million in Bitcoin transferred. Following hawkish remarks from Fed Chairman Powell, this series of transfers has intensified bearish sentiment in the crypto market, causing the price of Bitcoin to fall more than 2% in a short period, dropping to $108,000.

Is SpaceX Selling? Third Large-Scale Transfer of Bitcoin

Blockchain analytics firms Arkham Intelligence and Lookonchain have reported that SpaceX transferred 281 Bitcoins to a new Wallet bc1qmg on October 30.

• Transfer details: According to on-chain data, a total of over 1207 BTC has flowed out from wallets associated with SpaceX. Among them, 281 BTC were transferred to a new wallet, worth 31.33 million USD; BTC worth 19.33 USD was transferred to Coinbase Prime; the remaining 927 BTC were transferred back to SpaceX's original wallet.
• Total transfer amount: This is SpaceX's third large-scale transfer in the past 10 days. The previous two transfers were for $133.7 million and $268 million, bringing the company's total Bitcoin transfer amount to an astonishing approximately $450 million.

The on-chain analysis platform Lookonchain speculates that the latest transfer of 281 BTC may be related to custodial purposes, but such frequent and large-scale asset movements have still sparked strong speculation in the crypto community about whether SpaceX is strategically restructuring its assets or cashing out.

Timing is Sensitive: Powell's Speech and Market Panic

SpaceX's Bitcoin transfer coincided with a period of low market sentiment, further amplifying bearish signals.

• Price Reaction: Influenced by this news and the hawkish remarks from Fed Chairman Powell regarding the uncertainty of interest rates in December, Bitcoin price fell by more than 2% in just one hour, hitting a low of 108,000 USD.
• Market sentiment: In the past 24 hours, the price of Bitcoin has fallen by more than 4%, with trading volume remaining steady, indicating that traders are adopting a cautious wait-and-see attitude, and market panic is spreading.

The transfer occurred after Musk publicly praised Bitcoin for the first time in years on October 14, when he lauded BTC's real energy foundation, indicating his shift from past criticism to a pro-Bitcoin stance.

Review and Outlook: SpaceX's Bitcoin Holding Strategy

SpaceX's Bitcoin holding strategy has always attracted market attention.

• Historical Sell-off: As early as 2022, SpaceX reduced its Bitcoin holdings by about 70% due to the collapse of the crypto market triggered by the Terra-Luna crisis and the FTX bankruptcy.
• Strategic Restructuring: Although the purpose of this transfer by SpaceX is not yet clear, such a large-scale asset movement typically signifies significant strategic adjustments. This could be a cautious action to hedge against potential market corrections, or it could be an asset restructuring in preparation for “bigger moves”.

Currently, the market is highly focused on the follow-up dynamics of SpaceX. If these transfers are indeed a selling behavior, it may bring additional downward pressure on Bitcoin prices; if it is merely custodial or internal adjustments, then market panic may subside in the short term.

Conclusion

Elon Musk's SpaceX has conducted three large-scale Bitcoin transfers in just two weeks, undoubtedly making it one of the biggest uncertainties in the current crypto market. Along with the Fed's hawkish stance, this “Musk effect” panic has caused Bitcoin prices to fall below a key psychological threshold. Investors need to remain highly vigilant and pay attention to subsequent on-chain capital flows and official statements to determine whether this signals the beginning of a market correction or is merely a routine operation of corporate asset management.