American auto giant Tesla Inc has transferred the sum of $770 million in Bitcoin to multiple addresses, the first transaction in two years
Wallets linked with electric car manufacturer Tesla recently transferred $770 million worth of Bitcoin (BTC) to seven unknown wallets. This is nearly all the Bitcoin the Elon Musk-owned company holds. According to the blockchain analytics platform Arkham Intelligence, the carmaker’s Bitcoin wallet only has about $6.65 in BTC left.
Is Tesla Still the Fourth-largest Bitcoin Holder?
The transfer of over 11,500 Bitcoin units this “Uptober” surprised the crypto industry, with many speculating about a potential selloff.
TESLA JUST MOVED ANOTHER $260M BTC
TOTAL MOVED: $760M pic.twitter.com/ukAcHW1EZC
— Arkham (@ArkhamIntel) October 15, 2024
Before this massive offload, Tesla ranked amongst the biggest corporate owners of the flagship cryptocurrency. BitcoinTreasuries data shows it is the fourth largest corporate BTC holder after MicroStrategy, MARA Holdings, and Riot Platforms.
Tesla’s Bitcoin holding journey started in February 2021 when the carmaker acquired $1.5 billion. The company also briefly started accepting Bitcoin as a payment option. The Bitcoin holding grew as time passed, reaching up to $2.5 billion.
By 2022, Tesla had decided against accepting Bitcoin payments due to environmental concerns.
Then, it sold almost 75% of its holdings at a huge loss. Arkham Intelligence only added Tesla’s Bitcoin wallet tracking feature to its dashboard in March. At the time, it held only 11,509 BTC, valued at approximately $770 million.
Bitcoin Price Rebound Nears $70k
The reason behind Tesla’s recent transfer of $770 million worth of Bitcoin is unknown. While a potential selloff remains possible, the BTC price exhibits a positive sentiment.
The coin traded at $67,294.63 at the time of this writing after gaining 3.04% in the last 24 hours. Its market capitalization hit $1.33 trillion, while its trading volume jumped by 20.48%, and now it rests at $49.05 billion.
Also, the surge in Bitcoin’s key metrics has pushed the broader crypto market cap to $2.31 trillion.
Notably, this new outlook only came a few days after Ki Young Ju, founder and CEO of CryptoQuant, shared some insights into the coin’s future. Gleaning from a chart, the analyst showed that the price of BTC has risen above resistant “strong sell walls.”
Bitcoin’s price has now climbed into the “strong buy walls” zone. With this outlook, BTC may sustain this price rally and surpass its current all-time high (ATH).
Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGECrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.
