According to on-chain data, SpaceX transferred 2,490 BTC worth approximately $268.4 million. Data from OnchainLens shows that 1,197 BTC were sent to one address and 1,298 BTC to another, both linked to Coinbase Prime Custody. According to Arkham Intelligence, SpaceX currently holds 5,790 BTC valued at around $626.9 million. Analysts suggest that these transfers are likely related to internal asset management or moving funds to cold storage.
However, such large transactions often cause concern among investors, leading to short-term volatility or liquidation of leveraged positions.
Bitcoin Price Forecast: BTC Tests the $107,400 Support Bitcoin is trading around $107,400. Current price action indicates a slight increase in buying activity.
The formation of higher lows since mid-October suggests that investors continue to accumulate. However, the engulfing bullish candle near $110,400 signals possible exhaustion. With the RSI hovering around 45, the probability of consolidation appears higher than that of a trend reversal.
