According to onchain data, Elon Musk's SpaceX has moved 281 Bitcoin, worth approximately $31.2 million, to a mystery wallet, reigniting speculation about the company's digital asset strategy.
Third Major Transfer This Week
The transaction was flagged by onchain analyst Sani of Timechainindex.com on Oct 29. It follows a 346 BTC transfer earlier this week and previous moves of 1,215 BTC, 1,197 BTC, 1,298 BTC, and 1,187 BTC dating back to July 22, 2025. In total, SpaceX has pushed 5,645 BTC through various address formats in six outgoing transfers this month.
Coinbase Prime in the Spotlight
Data from Arkham Intelligence suggests the receiving wallets may be tied to Coinbase Prime, the institutional custody and trading arm of Coinbase. This has fueled two competing narratives: either SpaceX is preparing to sell part of its Bitcoin stash, or it is simply consolidating under a new custodian. The company has not commented on the moves.
SpaceX's Remaining Bitcoin Hoard
Despite the recent outflows, SpaceX still controls a substantial Bitcoin position. Onchain data as of Oct 30 shows the company holds approximately 7,258.45 BTC, valued at roughly $784.86 million. This makes SpaceX one of the largest corporate Bitcoin holders by market value.
Musk's Silent Market Manipulation
Elon Musk has not publicly addressed the transfers, yet the quiet transactions have generated more discussion than many Senate crypto hearings. The crypto community remains divided: some see it as routine treasury management, while others worry about potential liquidation pressure. Regardless of intent, Musk has once again demonstrated his outsized influence — a single wallet shuffle can move markets without a single tweet.
Industry observers note that SpaceX's actions may be a form of "controlled chaos," testing market reactions while maintaining optionality. For now, the mystery of where the Bitcoin is heading — and why — keeps the crypto world glued to block explorers, searching for clues in the blockchain's immutable ledger.
One thing is certain: SpaceX's Bitcoin journey is proving to be more dramatic than any Starship launch, filled with intrigue, speculation, and just enough Musk-style mischief to keep everyone guessing.