In the early hours of Oct. 21, bitcoin ( BTC) briefly dropped to $107,460 before recovering above $108,000. The drop all but erased gains made just a day earlier when BTC surged past $111,000. The decline pushed weekly losses to nearly 3%, with BTC now trading 14% below its Oct. 6 peak of $126,272.

Bitcoin experienced a sharp retreat, with market analysts quickly attributing the drop to on-chain activity involving the holdings of billionaire Elon Musk’s SpaceX. Reports confirmed that the aerospace company executed a substantial transfer of 2,495 BTC, valued at approximately $270 million, from its corporate treasury.

Data from blockchain intelligence firm Arkham Intelligence showed that the 2,495 BTC was divided into two distinct transfers of 1,197 BTC and 1,298 BTC, and routed to several newly generated, unmarked wallet addresses. While the high-profile movement immediately fueled speculation of a mass corporate sell-off, on-chain data confirms that the receiving addresses have not yet moved or liquidated any of the transferred bitcoin.

Meanwhile, bitcoin’s latest slide also dragged the global crypto market cap down to $3.75 trillion—a 2.6% drop in 24 hours. Unlike the Oct. 17 plunge that triggered over $700 million in liquidations, this dip wiped out a more modest $321 million in leveraged positions. Some analysts now believe the “Uptober” rally may be losing steam, though others remain optimistic. The most optimistic see the cryptocurrency potentially reaching $170,000 before the end of the year.

However, key opinion leaders (KOLs) like Ted Pillows believe the dip brings BTC closer to filling its CME gap between $107,200 and $107,400, potentially setting the stage for a rebound. “ Bitcoin could bounce back after filling the gap, but I’m not expecting a major rally,” Pillows posted on X.

Still, Bitcoin’s inability to regain momentum since the Oct. 10 flash crash has led some experts to believe the top may be in. Veteran trader Peter Brandt weighed in, noting BTC’s impressive run since 2023: “IF Bitcoin has topped… nobody can whine that an 8.2X advance cheated you,” he wrote on X.

• Why did Bitcoin drop on Oct. 21? BTC briefly fell to $107,460, partly linked to SpaceX’s large on-chain transfers.
• Did SpaceX sell its Bitcoin holdings? No—on-chain data shows the transferred BTC remains untouched in new wallets.
• How did the drop affect the crypto market? The global crypto market cap fell 2.6%, with $321 million in liquidations.
• Is a Bitcoin rebound expected soon? Some analysts see a bounce after filling the CME gap near $107,200.

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