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SpaceX moved 1,021 Bitcoin worth about $94.48 million on December 10, according to on-chain alerts from blockchain trackers. The transfer was sent to wallets tied to Coinbase Prime, raising questions about whether the company is reshaping part of its treasury while attention grows around its potential public listing.

Ledger Shuffle Raises Questions

Reports have disclosed that this move is only the latest in a series of large bitcoin transfers involving wallets believed to be linked to SpaceX.

Analysts tracking the transactions say the pattern looks more like a shift into institutional custody rather than an immediate market sale, since Coinbase Prime is commonly used for storage and structured trades by large companies.

SpaceX is estimated to hold around 8,285 BTC, a stash worth roughly $770 million based on recent market prices. That amount places the company among the biggest private holders of bitcoin.

Records show the balance was once higher during 2022, though part of it has been reduced over time as transfers continued.

SpaceX(@SpaceX) just transferred out another 1,021 $BTC($94.48M), to possibly Coinbase Prime for custody.https://t.co/zW62EKM2RD pic.twitter.com/PwBIvD5RaR

— Lookonchain (@lookonchain) December 10, 2025

SpaceX: IPO Talk Adds Pressure

At the same time, reports from major outlets say SpaceX is preparing for an initial public offering that could take place in 2026.

Coverage has suggested the fundraising round may target tens of billions of dollars, and estimates of the company’s possible valuation range from $800 billion to more than $1.5 trillion.

Elon Musk reacted on social media to one of the reports, saying the information was accurate, which added more weight to expectations that a listing is being planned.

Because companies often adjust their balance sheets ahead of a public offering, analysts say moving crypto into institutional platforms would not be unusual. It can be done for audits, custody needs, or overall treasury preparation before large financial transactions.

What The Move Might Signal

A transfer into Coinbase Prime does not automatically mean a bitcoin sale is underway. Institutional accounts can hold assets for long periods without sending them directly to the open market.

Traders watching the activity say that only an actual sale — not a custody transfer — would create immediate pressure on Bitcoin prices.

Still, the timing stands out. The latest 1,021 BTC move comes during a period where SpaceX’s on-chain activity has increased. More transfers may follow if the company continues preparing documents and financial disclosures linked to a potential public listing.

The main question now is whether the recent shift was routine treasury work or part of a larger strategy connected to the IPO.

SpaceX has not issued a public statement on the transaction, leaving analysts to rely on blockchain data and regulatory reporting to understand what comes next.

Featured image from Unsplash, chart from TradingView

Elon Musk has confirmed that X’s long-promised payments layer, X Money, is already running inside the company — but Dogecoin, his on-again-off-again favorite meme coin, has barely twitched.

Replying to developer and X feature-watcher Nima Owji on December 10, Musk dropped a characteristically terse update: “It has been launched internally.” Within hours, promoter Mario Nawfal was broadcasting that “X MONEY IS LIVE BEHIND CLOSED DOORS, PUBLIC LAUNCH NEXT,” describing the system as “quietly tested by employees and early users while the rest of the world waits for access.”

It has been launched internally

— Elon Musk (@elonmusk) December 10, 2025

The market, however, did not exactly wait breathlessly. As of press time, Dogecoin traded around $0.137, down less than 0.1% on the day — essentially noise, given an intraday range between roughly $0.137 and $0.150. For a coin that once ripped 20–30% on a single Elon meme, this is… subdued.

Why Is The Dogecoin Price Not Reacting?

The contrast with earlier X Money headlines is stark. When Musk first framed the payments stack as part of a broader relaunch of XChat in mid-November, he boasted that X had “just rolled out an entire new communications stack with encrypted messages, audio/video calls and file transfer,” adding pointedly: “Money comes out soon… X will be the everything app.”

Dogecoin and other high-beta names squeezed higher on that story, if only briefly. Back in May, when Musk confirmed that a beta version of X Money was coming, DOGE jumped from about $0.08 to $0.09 on the announcement — a double-digit percentage move triggered by one more hint that the dog might be wired into X’s rails.

Today’s non-reaction lands against a deeper build-out of X Money in the background. According to a recent job posting, X Money is hiring a technical lead to design a payments platform “from the ground up” for more than 600 million monthly users, with an emphasis on distributed systems and secure transactions.

The description notably does not mention crypto or Dogecoin at all. Notably, X Money already announced a partnership with Visa earlier this year for an “X Money Account” that would fund wallets and peer-to-peer payments, while Solana figures — including ecosystem advisor Nikita Bier, now at X — have publicly signaled they are eager to help.

Crucially, Musk has not exactly gone quiet on Dogecoin in general. On November 3 he posted “It’s time” on X, reviving his old promise to “put a literal Dogecoin on the literal moon” via a SpaceX mission, as reported by Bitcoinist.

In mid-October he waded into the “energy money” debate, backing Bitcoin as impossible to “fake” because it is grounded in energy and then replying with an approving emoji when a Dogecoin community account insisted that “Dogecoin is also based on energy” — his “first explicit nod toward DOGE in a while,” as reported on NewsBTC.

Even more recently, on October 11 and again on November 15, Musk posted Doge-coded content — a Shiba Inu mascot image, then a meme of a Shiba playing a banjo — that historically would have lit up DOGE order books. However, this time, Dogecoin’s response was muted to outright negative.

In other words, the last few times Musk has talked about or referenced Dogecoin on X, the market reaction has been steadily decaying. So when he now says X Money “has been launched internally,” the absence of a pump in DOGE looks less like a mystery and more like a trend.

At press time, DOGE traded at $0.13765.

Bitcoin (BTC) is once again moving within a narrow band, with price swings contained despite shifting macro signals and fresh debate over whether the cryptocurrency’s long-observed four-year cycle still applies.

Related Reading: Upcoming Crypto Market Structure Bill Markup Likely Pushed To Post-Holiday

As traders react to mixed Federal Reserve messaging, institutional flows, and rising caution across risk markets, analysts remain split on whether Bitcoin’s latest consolidation represents stability, or a deeper shift in how the asset behaves.

Analysts Question Whether the Cycle Has Ended

A growing number of major firms now argue that Bitcoin may be moving beyond its historic halving-driven rhythm. Investment firm Bernstein said in a recent note that the asset is in an “elongated bull cycle,” pointing to minimal ETF outflows despite a nearly 30% correction.

The firm has raised its 2026 price target to $150,000, projecting a potential cycle peak of $200,000 in 2027 and maintaining a $1 million long-term estimate for 2033.

ARK Invest CEO Cathie Wood echoed this view, saying that institutional adoption is reducing the likelihood of the steep 75–90% drawdowns seen in previous cycles. Grayscale has also suggested Bitcoin could break the four-year pattern, forecasting renewed strength in 2026.

Bitcoin is currently trading near $90,000–$93,000 depending on the venue, with recent intraday swings highlighting a lack of strong directional conviction.

Fed Signals Keep Markets Cautious

The Federal Reserve’s 25 bps rate cut initially lifted risk sentiment, but a shift toward cautious, data-dependent language quickly reversed momentum.

Bitcoin and Ethereum slipped after the announcement, with BTC falling below $90,000 at one point as traders reassessed the macro backdrop. Liquidity remains thin, contributing to choppy movements across major crypto assets.

Analysts note that Bitcoin’s inability to sustain gains, despite the weaker dollar and softer Fed stance, reflects persistent uncertainty. Several commentators say BTC must hold above $90,000 to avoid strengthening bearish pressure, while a break above $94,500 could reopen a path toward $100,000 if inflows improve.

Derivatives and On-Chain Data Flag Rising Bearish Sentiment

Options and on-chain indicators are also signaling caution. Traders have increased bearish option positions, with the put/call ratio turning positive ahead of a significant expiry window. More than $500 million in crypto liquidations occurred within 24 hours, reflecting heightened volatility.

On-chain data shows declining bullish momentum. The Bitcoin Bull Score Index has fallen back to zero, and realized losses suggest further downside could be possible. Analysts warn that despite past buy-the-dip patterns, current readings do not yet reflect the levels typically associated with market bottoms.

Related Reading: Cardano Founder Reacts As NIGHT Token Crashes From $150 To $0.02

As Bitcoin continues to trade in a tight range, the broader debate remains unresolved. Whether the four-year cycle is fading, or simply paused, may depend on how markets digest macro uncertainty, institutional flows, and the next wave of economic data.

Cover image from ChatGPT, BTUSD chart from Tradingview

The legal saga surrounding Do Kwon, co-founder of Terraform Labs, has culminated in a significant ruling, with the crypto magnate sentenced to 15 years in prison this Thursday. 

This decision follows a tumultuous period marked by the collapse of two digital currencies created by the firm, which collectively erased an estimated $40 billion from the market in 2022, leading to widespread repercussions within the broader cryptocurrency industry.

Do Kwon’s 15-Year Sentence

During the sentencing hearing, US District Judge Paul A. Engelmayer underscored the seriousness of Do Kwon’s actions, stating, “Your fraud was unusually serious. For four years you publicly lied to the market.” 

The judge emphasized that Kwon misrepresented TerraUSD as a stablecoin backed by a system designed to sustain its peg to the dollar, asserting that Kwon’s claims were ultimately fraudulent when the peg faltered.

Judge Engelmayer remarked that Do Kwon’s actions had devastating effects, contributing to the collapse of investments for “hundreds of thousands of investors.” He noted that a lighter sentence would be unacceptable, stating: 

“Five years would be so implausible it would require appellate reversal. Others must be deterred. People are watching this [live]. There will be future entrepreneurs. This case will serve as a reminder of breaking bad and what happens.” 

With that, the US District Judge imposed a 15-year sentence, factoring in time already served—17 months and eight days while in pre-extradition custody.

Judge Hints At Fort Dix Transfer

Interestingly, there were suggestions from both the judge and prosecutors that Kwon could be transferred to Fort Dix, a facility where some high-profile inmates are held. There’s also the possibility that part of his sentence could be served in South Korea, where he is facing additional legal challenges.

In January, Do Kwon was charged with nine criminal counts that included securities fraud, wire fraud, commodities fraud, and conspiracy to commit money laundering. 

Featured image from ABC, chart from TradingView.com 

Vincent Van Code, a well-known commentator on X, has outlined a projection that XRP could undergo a major shift in its pricing structure by March 2026. 

His view is built on three trends developing for the altcoin. These are the steady decline of XRP held on centralized exchanges, rising demand from institutional-grade Spot ETF products that move large volumes of the tokens into regulated custody, and the gradual rollout of more advanced arbitrage systems that link ETF pricing with exchange markets. 

Predicting Major Development For March 2026

Van Code’s prediction of a major XRP development coming up in March 2026 is based on the observable trend of reserves on major centralized exchanges dropping to multi-month lows, a pattern verified by recent on-chain data showing exchange balances contracting significantly as institutional vehicles accumulate tokens. This reduction in liquid supply has coincided with sustained inflows into multiple Spot XRP ETFs launched in 2025, which now hold hundreds of millions of the token under management.

This has led to a highly volatile price action for the token, as we’ve seen in recent days. The interplay of this supply squeeze and growing institutional appetite feeds into Van Code’s prediction about a change in price dynamics ahead of 2026.

According to Van Code, sophisticated arbitrage should come online sometime around March 2026, and this will be the game-changer for price movement. Once that framework is in place, ETF trades and institutional flows could begin anchoring the altcoin’s price across the broader market, leading to steadier movement as more of the circulating supply sits in the hands of large, long-term holders.

This means that by March 2026, institutional ETF pricing could begin to set the benchmark for valuations across order books on crypto exchanges, rather than retail markets. 

Spot XRP ETFs In The US

Since the launch of the first US-listed spot XRP exchange-traded fund by Canary Capital on November 13, these products have attracted substantial institutional demand, feeding a growing accumulation of the altcoin into regulated custody and moving tens of millions of tokens out of the trading pool on crypto exchanges. 

Spot XRP ETFs, those from Canary Capital, Franklin Templeton, Bitwise and Grayscale, are on track to collectively exceed $1 billion in assets under management in just a few weeks, with inflows now on a streak of 18 consecutive trading sessions. According to data from SoSoValue, these ETFs have now received a cumulative inflow of $954.33 million as of December 10. 

Interestingly, a new entrant is also preparing to join this growing lineup. Asset manager 21Shares is on the verge of finalizing its own Spot XRP ETF, which has been approved by the Cboe BZX Exchange and is going to trade under the ticker TOXR.