SpaceX and BlackRock move 43.7 billion won worth of Bitcoin ahead of the Fed's interest rate cut, raising market tensions.

On-chain data analysis has revealed that SpaceX and BlackRock recently transferred large amounts of Bitcoin (BTC). They were found to have transferred a total of $296 million (approximately 43.7 billion won) of BTC to Coinbase Prime, just before the U.S. Federal Reserve (Fed) cut its benchmark interest rate by 25 basis points. This move, amid market volatility, has sparked debate over whether it represents a sell signal or a simple asset reallocation.

According to Lookonchain, an on-chain analytics platform, SpaceX transferred approximately 1,021 BTC, or approximately $94 million (approximately 13.9 billion won), to a Coinbase Prime-linked wallet on December 10th. This continues a pattern of weekly transfers of around $100 million that has been repeated since October. Just five days prior, SpaceX transferred 1,083 BTC.

BlackRock moved an even larger amount of assets. On the same day, it transferred 2,196 BTC, or approximately $203 million (approximately 29.9 billion won), to Coinbase Prime. This move sparked an immediate reaction from traders. Some raised concerns that it was preparing for a short-term sell-off, while others interpreted it as a psychological attack ahead of the Fed's announcement. Conversely, news that BlackRock purchased approximately $191 million (approximately 28.2 billion won) worth of BTC and $55 million (approximately 8.1 billion won) of Ethereum (ETH) through its ETF last week sparked counterarguments that this was actually a signal to increase its holdings.

SpaceX's Bitcoin transfers are also intertwined with the company's own issues. According to a Bloomberg report, SpaceX is generating significant market anticipation for major events, including a potential Starlink IPO, aside from its $1.5 trillion valuation.

Market conditions are also reacting sensitively. BTC briefly surpassed the $94,500 (approximately KRW 139.57 million) mark on December 10th, but then began to weaken and is currently hovering around the $90,000 (approximately KRW 132.87 million) mark. Over the past week, the BTC price has fluctuated between $88,000 and $94,000, reflecting uncertainty about the timing of the Fed's tightening.

Looking solely at price trends, BTC has fallen by approximately 14% compared to last month, showing less resilience than Ethereum and major altcoins over the same period. However, according to Coinbase Institutional analysis, speculative positions have decreased compared to the summer, suggesting that the market structure is actually stabilizing.

The key question now is whether these large-scale BTC transfers represent a simple change in custody structure or part of a liquidity strategy signaling a sell-off. With uncertainty persisting even after the Federal Reserve's rate cut, institutional investor wallet activity is being viewed as a clue to future market direction.

Article Summary by TokenPost.ai

🔎 Market Interpretation

SpaceX and BlackRock's Coinbase Prime transfers occurred just before the Fed announced a rate cut, raising market questions about whether large institutions were adjusting their liquidity strategies or custody structures.

Market uncertainty is growing, with mixed analysis suggesting the move could increase downward pressure on BTC and signaling an increase in holdings.

💡 Strategy Points

The movements of large institutions are more closely linked to overall market liquidity flows than to individual positions.

Short-term price risk can vary significantly depending on whether the transfer is for custody or for selling purposes.

It is noteworthy as a variable that could have a decisive impact on the direction of BTC, linked to whether the Federal Reserve will further ease its monetary policy.

📘 Glossary

Coinbase Prime

A cryptocurrency custody and trading platform exclusively for institutional investors. Commonly used for large-scale asset transfers.

Custody

A service that safely manages digital assets such as cryptocurrencies through a third-party agency.

Volatility

Asset price volatility. Sharp buying and selling pressures can lead to increased market volatility.

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