Tesla transfers its Bitcoins and may be about to sell everything
The cryptocurrency community is on alert after Tesla made an unexpected movement of its Bitcoins. The company transferred 11,500 BTC, valued at approximately $760 million, to unknown wallets, raising concerns about a possible massive sale.
The movement drew attention because Bitcoins were sent to newly created wallets, with no direct link to exchanges. This has spawned a number of theories, from a planned sale to an over-the-counter (OTC) transaction.
This form of sale would allow Tesla to dispose of its Bitcoins without directly affecting the open market, a maneuver that could minimize the impact on the cryptocurrency's price.
There are still no concrete signs that Tesla intends to liquidate its Bitcoin reserves immediately, but the volume transferred almost depletes its cryptocurrency reserves, with only around US$8 remaining in the company's original wallets.
This move is one of the most significant since Tesla began investing in Bitcoin in 2020. At that time, the company acquired $1.5 billion in Bitcoin, but has made some significant sales since then, including selling 10% in 2021 and the sale of approximately 75% of its reserves in 2022.
Tesla move Bitcoin
Tesla remains one of the largest holders of Bitcoin among publicly traded American companies, behind only MicroStrategy and mining companies Marathon Digital Holdings and Riot Platforms.
However, the recent transaction has reignited fears of a possible bearish trend in the market. On the other hand, if it is indeed an OTC sale, this could indicate that an institutional buyer is interested in acquiring a large amount of Bitcoin, which would not necessarily negatively impact the market.
In addition to its financial movements, Tesla's relationship with Bitcoin has always been complex. In 2021, the company even accepted Bitcoin as a form of payment for its electric vehicles, but soon reversed this decision due to concerns about the environmental impact of Bitcoin mining.
Elon Musk, CEO of Tesla, suggested that the company could return to accepting Bitcoin as payment in the future, if mining becomes more sustainable.
Despite the uncertainty surrounding Tesla's recent actions, the price of Bitcoin remains resilient, with the market showing confidence in the digital asset. The influx of capital into Bitcoin ETFs such as BlackRock's iShares Bitcoin Trust, which saw nearly $289 million in inflows, reflects investor optimism.
Even with speculation about Tesla's movements, the market remains stable, suggesting that the long-term view on Bitcoin is still positive. The price of Bitcoin even surpassed the US$68,000 mark this morning.