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SpaceX sent 281 Bitcoins ($31.33 million) to a new wallet, indicating a reorganization of assets.

The total value of Bitcoin transferred over 10 days was approximately 1207 Bitcoins ($450 million), with most of the funds returning to the original wallet.

According to data from blockchain analytics firm Arkham Intelligence, SpaceX completed a large Bitcoin transaction transferring 281 Bitcoins worth $31.33 million on Thursday. This is the third large Bitcoin movement in the past ten days, transferring a total of approximately $450 million, raising speculation about Elon Musk's intentions.

Corporate strategy in the cryptocurrency space is under the spotlight

This latest transaction differs from previous transactions, as SpaceX sent the funds to a completely new wallet address instead of the same destinations. Blockchain data shows that a total of 1,207 bitcoins left SpaceX's main wallet, with 281 bitcoins sent to the new wallet address, resulting in 19.33 million US dollars in the possession of Coinbase Prime.

Furthermore, the remaining 927 bitcoins returned to SpaceX's original wallet, indicating that SpaceX is reorganizing how it stores its digital assets instead of liquidating them. In previous transactions, larger movements were observed, $133.7 million and then $268 million, so a systematic restructuring is likely to have occurred over the past two weeks.

Industry experts believe that these transfers may be for custody-related reasons, either to move assets to a more secure storage option or to comply with regulatory requirements that may be necessary. The transfers occurred shortly after Musk's supportive comments on bitcoin on October 14, marking the first time he publicly mentioned bitcoin in years after previous complaints.

Musk praised the energy efficiency model of bitcoin, representing a significant shift from his previous environmental concerns regarding energy use and mining operations in cryptocurrencies. SpaceX had previously reduced its bitcoin holdings by 70% during the 2022 market crash due to the collapse of Terra Luna and the sudden bankruptcy of FTX.

The market reacted to bitcoin's movements

The value of bitcoin decreased by more than 1.81% over twenty-four hours, from $113,642 to $108,057. The hawkish outlook of Federal Reserve Chairman Jerome Powell regarding interest rate cuts in December increased pressure on cryptocurrency markets during Thursday's trading. Overall, trading volume steadied amid price fluctuations, suggesting that traders may have begun to interact cautiously with the bitcoin strategy that SpaceX continues to implement.

The cryptocurrency community continues to study whether these transfers indicate a readiness for a broader market correction or if they are strategic initiatives from Musk's company.