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Elon Musk’s Tesla has moved all its Bitcoin holdings, worth $760 million, from its public wallet, marking its first BTC transactions in two years. This has raised questions about the reason for these transactions, with a potential sale of these coins likely to impact the market significantly. However, there is the possibility that the company might not just be moving these coins for security purposes.
Tesla Moves $760 Million From Bitcoin Wallet
Arkham Intelligence data shows that the automotive company transferred all its BTC holdings, worth $760 million, from its current wallet in several transactions. The first three major transactions occurred within close intervals, with the automotive company transferring $75.18 million, $76.08 million, and $77.16 million, respectively.
Tesla sent the $75.18 million to an unknown wallet (1Gxup…Zo2XM), while the company sent $76.08 million and $77.16 million to the same anonymous wallet (1D6Vh…NsLvn). Shortly after, the company transferred the remaining bitcoins from the public wallet to several other wallets.
The first of these remaining transactions was the transfer of $39.82 million worth of BTC to this unknown wallet (1G5kZ…hGW8W). The car manufactures then transferred $31.92 million to another unknown wallet (1Phab…Vr6Vj). The company also sent $56.76 million to this same wallet. Meanwhile, this wallet (15RdK…MjGER) received $86.18 million and $60.55 million from the Elon Musk company in two separate transactions.
After those transactions, the company transferred $56.30 million to this unknown wallet (1E8E3…VaTWm). This wallet (1MGM8…LxSje) also received some of Tesla’s Bitcoin stash in nine transactions. The most significant was the $46.95 million and $55.25 million it received from the automotive company. Tesla also transferred $102.36 million in a single transaction to this wallet (1CJRc…Tbwev)
These transfers come amid the Bitcoin price rally to as high as $67,000, which has raised concerns about how much selling pressure it could put on the flagship crypto if Elon Musk and his company plan to sell these coins.
A Plausible Explanation For The Bitcoin Transfers
Elon Musk and Tesla may have transferred these bitcoins for security purposes and spread them across several cold wallets. This is to avoid concentrating all its BTC holdings in one place and making them more susceptible to a hack or security breach. Musk, who is known to be vocal on his X platform, has, however yet to confirm exactly why they moved these coins.
If they intend to sell them, it is likely that it will be done over-the-counter (OTC) to avoid any significant impact on the market, specially with the Bitcoin price currently enjoying an upward trend as it sets its eyes on its current all-time high (ATH) of $73,000.
Bitwise’s Chief Investment Officer (CIO) Matt Hougan and Standard Chartered Bank predict that the Bitcoin price could hit a new ATH before the US election.
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Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
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