What happened?
Bitcoin slipped below $108,000 as momentum faded and traders grew cautious after a failed rebound. At the same time SpaceX moved 2,490 BTC (about $268 million) to two new Coinbase Prime Custody wallets after three months of dormancy. On-chain trackers suggest this was likely an internal custody migration rather than an outright sale, but the timing drew extra market attention.
Who does this affect?
Institutional holders, custodians like Coinbase Prime, large BTC whales and traders using leverage are most directly affected. Retail investors can also feel the impact through increased short-term volatility and potential stop-outs as positions are adjusted. Analysts, funds and on-chain watchers will reassess risk and liquidity around major addresses and support levels.
Why does this matter?
Large on-chain transfers combined with a drop below $108K can trigger near-term volatility as leveraged positions get rebalanced and traders test support around $107,400. If that support holds, upside targets around $111,700–$115,900 remain possible, but a break could expose lower levels near $104,400 and $101,100. Even if the moves are custodial, they increase uncertainty and make short-term price action more sensitive to news, so traders should manage risk accordingly.