Activity continues on the front of Tesla CEO Elon Musk, who is known for his support of Bitcoin (BTC) and cryptocurrencies, especially Dogecoin (DOGE).
At this point, the address linked to Elon Musk's space exploration company SpaceX has moved BTC holdings for the third time in the last 10 days.
According to a post by crypto analytics platform Lookonchain, SpaceX transferred 281 BTC worth $31.28 million to a new wallet a few hours ago.
It is estimated that this transfer, like the other two, was probably for concealment purposes.
At this point, Arkham Intelligence detected SpaceX’s large movement of 2,495 BTC (approximately $257 million) on October 21, 2025, and noted that this movement indicated an ongoing restructuring pattern on-chain.
While SpaceX's Bitcoin transfers are believed to be part of a restructuring, the high value and frequency of the transfers have led some to believe SpaceX may be preparing for broader strategy changes. Some users are speculating that these changes could be a sign of an upcoming major announcement or strategy shift.
According to Arkham Intelligence data, SpaceX moved approximately $268.5 million worth of Bitcoin on October 21. This marked the first major transaction since July, and just three days later, another 1,215 Bitcoins worth approximately $133.7 million were transferred.
According to Arkham Intelligence, SpaceX's Bitcoin wallet holds approximately $801 million worth of 7,258 BTC. SpaceX sold off approximately 70% of its Bitcoin holdings after the Terra-Luna crash and FTX bankruptcy that shook the cryptocurrency market in mid-2022. There is no evidence of any new purchases since then.
*This is not investment advice.
