Elon Musk’s SpaceX Reportedly Moved Bitcoin Worth $133M on October 24!, Triggering Instant Spark in BTC’s Momentum

Crypto wallets linked to SpaceX, an American aerospace manufacturer founded by Elon Musk, reportedly transferred $133.4 million worth of Bitcoin on Friday (October 24) and triggered significant market reactions, including pushing BTC to $109,938. The transfer initiated on October 24 created a significant market dip in BTC’s performance and pushed the largest cryptocurrency in the world to $109,938. BTC soon reacted and has recovered from the market dip and resumed its upward momentum once it reached $110,500. The on-chain data analytics suggest that the hefty transfer occurred at 4:30 p.m. CET, when BTC was trading around $11,200. The market analysts have confirmed that this transfer was followed by an earlier $268 million BTC transaction by SpaceX within the same week, which was the major on-chain activity since July.

StockMVP Founder Tom Nash posted on X that SpaceX had just moved over 1,200 BTC, roughly $133 million, across several wallets on Friday, following a series of large transfers earlier in the week. He mentioned that Musk wasn’t trading Bitcoin but was testing rails. The latest reports say that SpaceX wallets still retain 6,970 BTC worth $770.4 million and are likely to be split between cold storage and Coinbase Prime custody arrangements.  The experts now claim that any potential sale regarding this could be part of an active exposure adjustment instead of a complete liquidation.

Crypto analysts believed that large-scale movements from organizations like SpaceX will ignite a strong market turbulence within a short period of time and fuel the speculation of imminent sell-offs. They claim that this market outlook will force traders and investors to be more cautious about the market scenario, which will probably be temporary. Musk has created enough buzz in the crypto market this week, with his post featuring Floki Inu, sitting at the X CEO desk, sparking renewed interest in mem coins like Dogecoin and the whole meme coin market.  

Elon Musk’s Crypto Interactions Fuel the Whole Crypto Market, Including Meme Coin Sectors

SpaceX’s $133 million BTC transfer, along with Elon Musk’s active social media interactions, including Floki Inu’s humorous video, sparked new interactions within the crypto community and online cyberspace. On October 20, Elon Musk, the CEO of SpaceX, Tesla, and X, posted a humorous video of Floki Inu, labeling the Shiba Inu-inspired dog as the “X CEO.” The video created enough traction within the meme coin market and helped FLOKI surge more than 25%. The post from X owner reignited the meme coin market and created a strong momentum for memcoins like Dogecoin and FLOKI. 

Earlier this week, Elon Musk’s X launched a marketplace for unused usernames, and it reportedly ignited the speculative momentum of DOGE. X’s official post has created a strong market momentum. The official post on X stated that the X Handle Marketplace was their industry-first solution to redistribute handles that were no longer in use. It mentioned that eligible Premium subscribers would be able to search and make requests, with both complimentary and paid options available.       

Elon Musk’s social media presence and impact on the cryptocurrency market are unmatched. SpaceX’s latest transfer sparked a lot of discussions within the crypto space; their Bitcoin holdings and reserve strategies are still undisclosed. His public appearance during Donald Trump’s election campaign has made Elon Musk a strong personality who can make a significant impact on the crypto space with a simple social media post, and the story of SpaceX is no different.

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