SpaceX and BlackRock recently transferred more than $296 million in bitcoin (BTC) to Coinbase Prime, according to chain trackers at Lookonchain.
The large transfers arrived just hours before the US Federal Reserve’s decision certain Interest rate cut by 25 basis points, adding new tension to an already turbulent market.
The timing has traders debating whether these moves signal changes in strategic custody or preparations to sell amid heightened volatility.
New transfers raise questions as Fed decision hits markets
According to Lookonchain, SpaceX Move Another 1,021 bitcoins worth about $94 million were sent to an address linked to Coinbase Prime on December 10, continuing a pattern of weekly transfers near the $100 million mark over the past two months. The company had transferred 1,083 bitcoins five days ago, after a series of similar transactions that extended into October.
BlackRock made a bigger move, Deposit 2,196 BTC worth approximately $203 million were sold to Coinbase Prime during the same 24-hour window. Social media reaction was quickly divided. Some market watchers, like Ted Bellows, anxiety They indicate “more selling,” while others, like 0xNobler, accused the asset manager of applying pressure ahead of the Fed’s announcement.
At the same time, several bullish accounts highlighted that BlackRock’s ETF bought roughly $191 million worth of Bitcoin and $55 million worth of Ethereum (ETH), adding to confusion about whether the company was accumulating or trimming exposure.
SpaceX’s transfers also came amid intense speculation about the company’s future. like I mentioned By Bloomberg, SpaceX is seen as a potential candidate for a historic IPO, with chatter about a Starlink spinoff and a stunning private valuation estimated at as much as $1.5 trillion.
Market background, price action, and what comes next
The timing of these transfers has amplified market anxiety. This happened at a time when the price of Bitcoin witnessed significant volatility. dropping From brief It’s rising Up from $94,500 on December 10 to around $90,000 at press time.
Price ranges remain wide: Bitcoin has moved between $89,000 and $94,000 over the past 24 hours and between $88,000 and $94,000 over the past week, reflecting the uncertain atmosphere around the monetary policy outlook.
Furthermore, over the past month, the asset has fallen more than 14%, lagging behind ETH and several major altcoins that saw stronger recoveries earlier in the week.
Despite the turmoil, the market structure may be more stable than the headlines suggest. Coinbase Institutional recently noted that speculative positions have slowed from summer levels, which they believe could support a more stable trend as December progresses.
For now, the key 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 all-time high in October, and Fed policy continuing to shape sentiment, traders are closely watching the next portfolio moves.
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