Elon Musk’s SpaceX has transferred a significant amount of Bitcoin, totaling $31.33 million, to a new wallet on October 30th. This move marks the company’s third major Bitcoin transaction in just ten days, according to on-chain data, with analysts suggesting these transfers are likely for custody management rather than asset liquidation or trading activity. The transfers follow SpaceX’s recent shift in its Bitcoin holdings, which have remained largely unchanged since 2022 despite market fluctuations. This latest movement coincides with a slight decline in the price of Bitcoin to $108,000 following comments by Federal Reserve Chair Jerome Powell on the potential for further rate cuts and a drop in trading volume across the cryptocurrency space.