Elon Musk made his move! Tesla transfers $800M worth of Bitcoin for the first time in 2 years!
According to data from Arkham, early this morning (October 16), Tesla moved a total of 11,509 BTC - worth nearly $800M - to 7 new wallet addresses. Arkham confirmed that this is Tesla's first large BTC transfer in the past 2 years.
The Crypto community is still unclear about the purpose of this BTC transfer, but there are some concerns that Tesla is preparing to sell some BTC to "beautify" the financial report for the third quarter of 2024, which will be announced next week (October 23).
Tesla previously made a $1.5 billion investment in BTC in February 2021. Tesla also accepted BTC payments when buying Tesla cars when BTC was trading in the $28,000 - $30,000 range.
Tesla then liquidated about 75% of their BTC in mid-2022 amid the crypto market crash, but they still hold the remaining BTC since then. Bitcoin price has not reacted much to the news that Tesla moved all of these Bitcoins.
