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SpaceX moved $268 million in BTC following a 3-month hiatus, while Bitcoin ETFs saw $40 million in net outflows.
Vitalik Buterin’s praise for Polygon’s ZK-EVM sparked backlash from core developers over centralization and unequal funding practices within the Ethereum Foundation.
FLOKI rallied 25% amid $121 million derivatives inflows before hitting overbought levels
The cryptocurrency market remained active on Tuesday, with notable headlines ranging from SpaceX’s Bitcoin transfers to fresh debates over Ethereum’s governance model. Meanwhile, memecoins like FLOKI staged sharp rallies amid rising derivatives activity, and Solana-linked equities saw steep declines following a resale registration announcement.
A wallet linked to Elon Musk’s SpaceX transferred about $268 million worth of Bitcoin to two separate addresses on Tuesday, according to Arkham Intelligence. The movement followed a three-month pause in the company’s on-chain activity.
On-chain analyst Ai Yi noted that SpaceX moved 1,187 BTC to an address beginning with bc1qq and another 1,208 BTC to bc1qj7. Both wallets remain inactive, indicating that the transfer was most probably an internal restructuring rather than a sale of assets.
This mirrors the movement in July 2025, when SpaceX transferred 1,308 BTC valued at $153 million to the Coinbase Prime custody wallets. Analysts believe that such transactions are indicative of the company's careful and skillful management of digital reserves rather than a reduction in the company's Bitcoin holdings.
Also Read: Bitcoin Treasury NAV Collapse Opens Door for New Institutional Capital
Data from SoSoValue showed that Bitcoin spot ETFs recorded a net outflow of $40.47 million on October 20, marking the fourth consecutive day of withdrawals.
The largest outflow came from BlackRock’s IBIT, which saw $100.65 million in redemptions, though its cumulative inflows remain massive at $64.88 billion. In contrast, VanEck’s HODL ETF attracted $21.16 million, and Bitwise’s BITB added $12.05 million.
Overall, Bitcoin spot ETFs now hold $149.66 billion in assets, representing 6.76% of Bitcoin’s total market capitalization, a sign that institutional demand, while still solid, is facing near-term cooling.
The Ethereum ecosystem is facing fresh tension between innovation and decentralization, after Vitalik Buterin praised Polygon's ZK-EVM and AggLayer technologies for advancing scalability.
Buterin commended co-founder Sandeep Nailwal for bringing innovation with social impact, as he stated that returning the $190 million in SHIB tokens to pandemic relief funds was a rare demonstration of integrity in the crypto space.
However, Ethereum core developer Peter Szilagyi expressed worry about the Ethereum Foundation becoming too centralized, saying that important decisions rest with "a handful of insiders."
His statements were backed up by DeFi pioneer Andre Cronje, who criticized inconsistent funding models as independent developers received little or no funding from institutions.
Also Read: Can Ethereum Reach $10,000 by Year-End? Experts Weigh in
Crypto.com announced a partnership with Travel Wallet, a South Korean fintech firm with over 8 million customers. The two companies will issue a joint prepaid card allowing users to spend both cash and cryptocurrencies worldwide.
Travel Wallet will integrate Crypto.com’s crypto-as-a-service technology, enabling direct digital asset trading and introducing a KRW-based stablecoin for cheaper cross-border transfers.
Crypto.com COO Eric Anziani said South Korea’s strong adoption of digital payments makes it a perfect market for expanding everyday crypto use. The partnership coincides with Crypto.com’s role as the official crypto-payments partner of the APEC CEO Summit 2025 in Gyeongju later this month.
Memecoin FLOKI jumped 25% in 24 hours, leading a 5.5% recovery in the broader meme-token market. According to CoinGlass, there were $121 million of inflows into derivatives. Open interest increased by 162% to $37.5 million, indicating increased speculative long positions.
However, analysts warned that the RSI over 70 signals overbought conditions, increasing the risk of a short-term correction. The liquidity heatmap shows large clusters of orders both above and below the price, suggesting high volatility in the near term.
The shares of Solana Company (HSDT), previously Helius Medical Technologies, fell more than 11% on Monday, extending a 55% weekly decline, as the company commenced resale rights for private investors. The move followed a $500 million funding round led by Pantera Capital and Summer Capital.
CEO Joseph Chee said the decision reflects transparency and long-term confidence, though traders viewed it as dilution risk.
The firm now holds 2.2 million SOL, making it the second-largest publicly traded Solana treasury, and remains optimistic about compounding its token exposure despite near-term volatility.
1. Why did SpaceX move $268 million in Bitcoin?
Likely internal wallet reorganization; no evidence of sales or liquidation, according to on-chain data.
2. What triggered Ethereum’s governance debate?
Disagreements between Vitalik Buterin and core developers over centralization and unequal funding practices.
3. Why did FLOKI surge 25%?
Massive derivatives inflows and speculation fueled the rally, but RSI levels suggest it may be a short-term bull trap.
4. What’s Crypto.com’s new partnership about?
It teamed with South Korea’s Travel Wallet to launch a global prepaid card for spending cash and crypto seamlessly.
5. Why did Solana Company’s stock drop 55%?
Private investor resale registration led to dilution concerns despite the firm’s growing on-chain Solana exposure.
