SpaceX, led by Elon Musk, has stirred up renewed speculation in the market after moving $268 million in
Bitcoin
this week, representing the first major shift in its cryptocurrency assets in three months. Blockchain intelligence company
Arkham
revealed that the company transferred 300
BTC
($33 million) and 915 BTC ($100.7 million) to fresh, unidentified wallets on October 24, 2025, following an earlier movement of 2,395 BTC ($268 million) to two separate addresses, as reported by
Crypto.News
. This activity has led to discussions about whether SpaceX is reorganizing its wallets or changing its custody setup, with some experts pointing out that the transaction fees match those typically seen with Coinbase Prime.
This comes at a time when
Tesla
, another company under Musk’s leadership, continues to hold 11,509 BTC, now worth $1.31 billion, making it the world’s 11th-largest corporate Bitcoin holder, according to
Yahoo Finance
. Tesla’s Q3 2025 earnings report showed an $80 million gain from Bitcoin’s rising value, achieved without selling any coins, thanks to updated fair-value accounting standards. While this differs from SpaceX’s recent transactions, both firms appear committed to long-term cryptocurrency strategies.
At the same time, blockchain data points to broader shifts in the market. According to analysis by Glassnode, cited by
Coinotag
, the amount of Bitcoin locked in inactive wallets—referred to as illiquid supply—has dropped by 62,000 BTC ($7 billion) since mid-October 2025. This suggests more coins are entering circulation, which could put downward pressure on prices. For the first time in the latter half of 2025, long-term holders are reducing their positions, while large investors, or whales, are increasing theirs. Over the past month, these major players have added to their Bitcoin reserves without notable selling, a departure from previous trends where significant outflows from dormant wallets often signaled upcoming market downturns.
Whale activity has picked up across leading digital assets. One prominent whale, using the address 0xc2a3, opened long positions totaling $170.46 million in BTC and $167.35 million in ETH. Another whale (0x71a0) focused on alternative coins such as
Solana
(SOL), PUMP, and FARTCOIN, as reported by
Bitcoinsistemi
. In addition, a trader purchased 501,775
SOL
($99.65 million), reflecting a surge in institutional interest in altcoins. The Bitwise Solana Staking ETF also saw $217.2 million in assets on its first day, according to
TradingView
.
Market analysts remain cautiously hopeful. Fidelity Digital Assets estimates that by Q2 2032, 42% of all Bitcoin (8.3 million BTC) could be held in illiquid wallets, supporting the narrative of Bitcoin’s scarcity even as some holders sell, based on Coinotag’s summary of Glassnode’s research. However, smaller holders (with 0.1–10 BTC) are contributing to selling pressure, creating a supply-demand imbalance that may persist until new buyers step in.
SpaceX’s Bitcoin assets, now valued at $770 million, continue to be a variable in the crypto sector. While some interpret the recent transfers as standard treasury management, others believe they could signal a strategic shift in anticipation of regulatory or market changes. With Musk’s companies together owning more than 18,000 BTC, their decisions remain influential for both investor sentiment and market trends, with Tesla’s holdings playing a significant role in this landscape.
