Overview
SpaceX and BlackRock have transferred over $296 million in Bitcoin to Coinbase Prime, just before the Federal Reserve’s interest rate cut, raising questions about their intentions in a volatile market.
Transfer Details
According to on-chain data from Lookonchain, SpaceX moved 1,021 BTC, worth around $94 million, to a Coinbase Prime‑linked address on December 10. This is part of a pattern of weekly transfers near the $100 million mark over the past two months. BlackRock made an even larger move, depositing 2,196 BTC valued at about $203 million to Coinbase Prime within the same 24‑hour window.
Market Reaction
The timing of these transfers has sparked debate among traders. Some, like Ted Pillows, see it as a signal of more selling, while others, such as 0xNobler, suggest it’s a strategic move ahead of the Fed’s announcement. Adding to the confusion, BlackRock’s ETF recently bought roughly $191 million in Bitcoin and $55 million in Ethereum, leaving market watchers unsure whether the firm is accumulating or trimming its exposure.
Speculation on SpaceX IPO
The transfers also come at a time of intense speculation about SpaceX’s future. Bloomberg reports that the company is seen as a potential candidate for a historic initial public offering, with chatter about a Starlink spinoff and a staggering private valuation estimated at up to $1.5 trillion.
Market Backdrop
Bitcoin’s price has been volatile, dropping from a brief spike above $94,500 on December 10 to around $90,000 at press time. Over the past month, Bitcoin has fallen by more than 14 %, lagging behind Ethereum and several top altcoins that saw stronger rebounds earlier in the week.
Signs of Stability
Despite the turbulence, there are signs of stability. Coinbase Institutional recently noted that speculative positioning has cooled from summer levels, which could support a more stable trend as December progresses.
Core Question
For now, the core question remains whether SpaceX and BlackRock’s transfers represent routine storage adjustments or preparations for liquidity events during an uncertain macro window. With Bitcoin down more than 28 % from its October all‑time high and Fed policy still shaping sentiment, traders are watching the next wallet movements closely.
