Elon Musk’s Tesla has made its first Bitcoin transactions in two years, moving all its BTC holdings, worth $760 million, from its public wallet. This sudden move has sparked curiosity, with some speculating a possible sale that could impact the market significantly.
According to data from Arkham Intelligence, Tesla made multiple transfers in quick succession. The first three major transactions were for $75.18 million, $76.08 million, and $77.16 million.
These funds were sent to anonymous wallets, raising questions about Tesla’s intentions. After these initial transfers, the company moved the remaining Bitcoin into different wallets, spreading out its holdings.
Such transactions were for amounts such as $39.82 million, $31.92 million, and large $102.36 million transfer to other unknown wallets. This has raised the speculations that Tesla is either protecting their interests or planning on selling the properties.
Bitcoin is currently rallying around $67,000, and many fear that if Tesla decides to sell its coins, it could add selling pressure, impacting the cryptocurrency’s price. However, there’s a possibility that Tesla might execute any sale over-the-counter (OTC) to minimize market disruption.
Elon Musk hasn’t commented on the reasons behind these transfers, leaving room for speculation. Some believe Tesla is simply moving the coins for security reasons, splitting them into several cold wallets to reduce the risk of hacking. Others think a major sale could be on the horizon.
As Bitcoin approaches its all-time high of $73,000, market watchers are keeping a close eye on Tesla’s next move, with predictions of a new peak before the US election.
Also Read: Bitcoin Price Surges 6% to $66,400, Highest Since July 30
