Elon Musk’s Tesla has moved almost its entire stash of 11,500 BTC worth around $760 million, according to Arkham Intelligence.
There were a total of 26 transactions on October 15 to various w9allet addresses, he said. Tesla’s ownership had been dormant for two years until this latest transaction.
The wallet balance is now zero, according to the Arkham platform.
TESLA just moved another $260 million in BTC
TOTAL MOVE: $760 million pic.twitter.com/ukAcHW1EZC
— Arkham (@ArkhamIntel) October 15, 2024
What Is Tesla Doing?
There is a lot of speculation on crypto social media and the price of Bitcoin became very volatile around 12 hours ago. Some suggested that the company was taking control of its BTC outright, while others spread FUD about a potential liquidation. There is also speculation that Tesla is preparing to accept Bitcoin payments again. There’s even a hilarious suggestion that Elon Musk is spinning the Trump meme coin.
Riot Platforms vice president of research, Pierre Rochard, said that Musk would use BTC as collateral to borrow. However, it was quickly discovered that the company was running out of money.
I guess @elonmusk will use BTC as collateral to borrow pic.twitter.com/EKiqJBeY5T
— Pierre Rochard (@BitcoinPierre) October 16, 2024
Analyst and trader ‘Cold Blooded Shiller’ quipped:
“If Tesla moves BTC enough to force you out of its position… my brothers, this bull run is not what will make you successful.”
Meanwhile, CryptoQuant CEO Ki Young Ju said it was still unclear whether it was an internal shuffle or a sale before adding:
“Even if they sold it, the impact would be more than half the impact felt by the German government.”
Tesla moves #Bitcoin to another wallet.
It remains unclear whether it was an internal shuffle or a sale.
Even if they sold it, the impact would be more than half the impact felt by the German government. Their realized profit was $816 million, while Tesla’s was $515 million as of today. pic.twitter.com/tbIphukzkw
– Ki Young Ju (@ki_young_ju) October 16, 2024
According to BitcoinTreasuries, Tesla is the fourth largest Bitcoin holding company behind MicroStrategy, which holds 252,220 BTC; Marathon Digital (26,842 BTC); and Riot Platform (10,427 BTC).
The company first bought BTC in February 2021, purchasing $1.5 billion worth of the digital asset at the time.
There was little volatility in the company’s (TSLA) stock during after-hours trading but it remained around $220 in trading this week.
BTC Price Reaction
Bitcoin volatility returned just before Arkham reported Tesla’s moves. The asset surged to a ten-week high of $67,800 before dropping sharply below $65,000. It has since recovered and is trading just above $67,000 at the time of writing.
sounds! bitcoin vol is back to life. pic.twitter.com/PmQY55lpt7
— Adam Returns (@adam3us) October 15, 2024
Bitcoin is currently approaching a key psychological level, which was the previous all-time high of $69,000 from the 2021 bull market cycle.
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