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Hey everybody. 
Welcome back to the Elon Musk 

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Podcast. 
This is a show where we discuss 

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the critical crossroads that 
shape SpaceX, Tesla X, The 

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Boring Company, and Neurolink. 
I'm your host, Will Walden. 

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SpaceX just moved 2495 Bitcoin 
worth of about $268 million on 

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October 21st, and then moved 
another 1215 Bitcoin worth about

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133.7 million on October 24th. 
Arkham Intelligence data links 

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both waves to wallets tagged for
Space XI. 

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See big money shifting on the 
chain and I want to know whether

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this points to treasury 
reorganization or something 

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closer to market intent. 
SpaceX executed the first 

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transfer, about a three month 
pause in on chain activity tied 

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to its labeled wallet. 
Company sent 2495 Bitcoin to two

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fresh addresses with no prior 
history. 

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It's a pattern that often 
indicates a clean segregation of

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funds. 
The structure reduces 

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counterparty exposures and 
simplifies audit trails for 

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internal teams. 
Four days later, SpaceX pushed 

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another 1215 Bitcoin to new 
wallets. 

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Multiple trackers recorded the 
value at around 133.7 million at

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the time of movement. 
A second wave made the sequence 

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hard to dismiss as a one off 
housekeeping task, so I checked 

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for any simultaneous flows to 
exchanges that might hint at 

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near term selling and one outlet
flagged a dust level transfer of

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about $150.00 to Coinbase Prime,
which reads like a test rather 

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than any sort of serious routing
of liquidity. 

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Now the dominant path still 
shows fresh self custody 

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destinations and these transfers
landed as Elon Musk re entered 

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the Bitcoin conversation on X 
with terse support for energy 

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based valued claims. 
His posts revived attention on 

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corporate holdings linked to his
companies and put fresh context 

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around treasury moves. 
Now we can link these posts to 

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sentiment shifts even without 
explicit guidance directly from 

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SpaceX. 
Now, I looked for a current 

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estimate of Spacex's remaining 
stack because sizing matters for

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risk, and one tracker Peg's 
holdings near 6970 Bitcoin after

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recent consolidations, while 
another snapshot around the 

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first transfer suggested around 
5790 Bitcoin. 

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The gap likely comes from 
tagging differences in the 

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timing of balance calculations, 
though. 

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O the price. 
Here we have to think about the 

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price. 
Bitcoin traded near 6, figures 

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during the week of these moves, 
and intraday swings followed 

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news sikes about Musk's comments
in the wallet activity. 

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Big treasuries often tighten 
operational controls when 

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volatility rises because 
sentiment risk increases with 

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each basis point of movement, 
and the transaction design 

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points to internal treasury 
hygiene rather than distribution

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into the market. 
Though SpaceX used new addresses

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that did not previously transact
and it split flows into clean 

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buckets. 
Institution uses pattern to 

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rotate keys, refresh custody 
setups, and compartmentalize 

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access rights. 
It looks like it's internal 

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housekeeping basically. 
And so I went ahead and I 

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weighed the alternative. 
The SpaceX prepared an over the 

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counter sale. 
The lack of meaningful exchange 

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inflows during these windows and
the absence of immediate follow 

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on spends from the recipient 
wallets weakens that case 

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altogether. 
OTC desks also prefer sediment 

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structures that leave clearer 
fingerprints on custodial rails.

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Now, Musk's commentary adds a 
narrative to all of this that 

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makes immediate liquidation less
intuitive. 

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You amplified A thesis that ties
Bitcoin's value to energy and 

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scarcity, which aligns 
withholding behavior not to 

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distribute his funds the the 
bitcoins from SpaceX treasury 

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and messaging. 
They don't always sync up, but 

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the alignment here matters. 
For inference. 

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I also tested the timing against
prior SpaceX wallet activity. 

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The last large on chain event 
before October came in late 

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July, with roughly $153 million 
moving to a new address after 

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years of dormancy. 
The gap between July and October

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supports a cadence of periodic 
key rotation and consolidation. 

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So they do this every once in a 
while. 

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I'll. 
What suspends from now on and 

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see what SpaceX does. 
See if they spend any of this if

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they selling of it off a clean 
hold pattern over the next few. 

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Weeks. 
Would validate the reorg thesis 

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while. 
Staged. 

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Hops into prime broker roots, 
which shift the probability 

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toward a greater distribution. 
For now, though, the change 

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shows structured movement in 
fresh custody endpoints. 

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We can't really make any 
determinations, though, other 

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than it's fresh. 
And we can take a look at this 

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in a few weeks and I'll report 
back to you. 

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So you know, SpaceX restructured
a pretty big Bitcoin position 

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across new Willits during a kind
of volatile week, but you 

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wouldn't expect them to do 
except they're just moving it 

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over to New Orleans as far as we
know. 

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And this flow fits treasury 
organization more than disposal.

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So I have a question for you. 
If you're new to the show, 

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Actually, this is a a thank you 
for you. 

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If you're new to the show and 
you're just here first time. 

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Thank you for clicking on the 
show and taking a risk and 

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listening to the show. 
I appreciate it. 

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My name is Will. 
I am the host of the show. 

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Been doing this for, I think 
it's going on five years now and

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I've been trying to keep up to 
date with all the Elan news 

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since day one. 
They started this thing. 

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I've been podcasting since 2006.
I've just went back and looked 

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at all my history of what I've 
been doing it with my podcast. 

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I have had a podcast since 2006,
so I've been here for a very 

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long time. 
All right now this podcast is 

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about four or five years old, 
over 1000 episodes. 

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I do this every single day, and 
I'm going to ask you for a 

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favor. 
It'll take you maybe 5 seconds. 

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I'm going to give you the next 
5-10, fifteen years of this show

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for free. 
All you have to do is hit the 

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follow or subscribe button on 
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on, right? 
Now. 

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And my promise to you is that 
I'm going to continue making 

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these shows and I'm going to 
continue making the better 

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because right now we are growing
on Spotify. 

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We're growing on Apple Podcasts 
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platforms too. 
We have a huge tailwind on us 

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and I need your help and anybody
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If you could. 
Please give us a five star 

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They really do help. 

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If you like the show please let 
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I just need your help for these 
few things and that's about it. 

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Now let's hear the outro, 
everybody. 

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Hey, thank you so much for 
listening today. 

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I really do appreciate your 
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If you could take a second and 
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It helps out the show 
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And each episode. 

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Is about 10 minutes or less. 
To get you caught up. 

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go to patreon.com slash. 
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And please take care of 
yourselves and each other, and 

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I'll see you tomorrow.