In a least-expected event turnout, the Chief Executive Officer (CEO) of Tesla Motors, Elon Musk, is making headlines for orchestrating massive Bitcoin (BTC) transfers. Per the renowned on-chain tracker Arkham Intelligence, the Tesla-linked wallet transferred over 11,500 BTC worth above $760 million to unknown wallets.
Following the transfer, the wallet address has zero BTC left, with a $8.06 valuation. Interestingly, the token transfers have generated wild spread reactions because it is the first time such has happened in over two years. For context, after spending about $1.5 billion in BTC investments in 2021, the electric car firm sold out more than half of the tokens in early 2022.
Notedly, the token sales in 2022 incurred losses because they purchased them at an average $35,000 selling price and sold the tokens below the level. As of March 2022, when Arkham Intelligence began tracking the Tesla wallet, it boasts 11,509 Bitcoin holdings with a $770 million valuation.
Market Participants Raise BTC Price Dip Concerns
Considering Elon Musk's exploits in the crypto space, especially its predilection for cryptocurrencies and potential to revolutionize the financial landscape, one could understand market participants' worries. For context, coin sell-offs are renowned for eliciting price declines, especially when prominent names are involved in the dumping actions.
For the Tesla-linked wallet, the destination of the shifted tokens remains unknown, which invariably implies that we can not ascertain if Tesla sold the coins or moved them to a new wallet. However, market participants' fears remain valid, as most speculated dumping possibilities.
TESLA MOVING BITCOIN FOR THE FIRST TIME IN 2 YEARS pic.twitter.com/yN6QbBkUtm
— Arkham (@ArkhamIntel) October 15, 2024
Meanwhile, despite the BTC transfers, Bitcoin's price remained unperturbed. It is changing hands around the $67,300 region, reflecting a 2.7% upswing in the past 24 hours. It boasts about $1.33 trillion in market capitalization, while its 24-hour trading volume is up by about 28.32%, with a $49.88 billion valuation.
