Tesla Moves Entire $760 Million Bitcoin Reserve, Is Elon Musk About to Sell Again?

According to Arkham Intelligence, Elon Musk’s Tesla has moved almost all of its 11,500 BTC deposit worth around $760 million.

On October 15, there were 26 transactions in total to various w9allet addresses, it revealed. Tesla shares had been dormant for two years until these latest transactions.

The wallet balance is now zero, according to Arkham’s platform.

TESLA Just Moved Another $260M BTC

TOTAL LOT: 760 M$ pic.twitter.com/ukAcHW1EZC

— Arkham (@ArkhamIntel) October 15, 2024

What is Tesla doing?

There has been a lot of speculation on crypto social networks and Bitcoin prices became very volatile about 12 hours ago. Some suggested that the company was taking direct custody of their BTC, while others were spreading FUD about a possible liquidation. There was also speculation that Tesla was preparing to accept Bitcoin payments again. There were even comical suggestions that Elon Musk was spinning Trump’s meme coins.

Riot Platforms VP of Research Pierre Rochard said Musk would use BTC as collateral to borrow. However, it was quickly noted that the company was flush with cash.

I guess @elonmusk will use BTC as collateral to borrow pic.twitter.com/EKiqJBeY5T

— Pierre Rochard (@BitcoinPierre) October 16, 2024

Analyst and trader ‘Cold Blooded Shiller’ joked:

“If Tesla moves BTC it is enough to force you out of position…my brothers in Christ, this bull run is not one you will get out of.”

Meanwhile, CryptoQuant CEO Ki Young Ju said it was still unclear whether it was an internal shuffling or a sale before adding:

“Even if they were sold, the impact would be a little more than half that of the German government.”

Tesla moved #Bitcoin to other portfolios.

It is not yet clear whether this is an internal reaction or a sale.

Even if they were sold, the impact would be slightly more than half that of the German government. Its realized profit was $816 million, while Tesla’s is $515 million today. pic.twitter.com/tbIphukzkw

— Ki Young Ju (@ki_young_ju) October 16, 2024

According to BitcoinTreasuries, Tesla is the fourth largest corporate Bitcoin holder behind MicroStrategy, which holds 252,220 BTC; Digital Marathon (26,842 BTC); and Riot Platforms (10,427 BTC).

The company first bought BTC in February 2021, purchasing the digital asset worth $1.5 billion at the time.

There was some volatility in the company’s stock ( TSLA ) during after-hours trading, but it remained around the $220 level where it has traded this week.

BTC price reaction

Bitcoin volatility returned just before Arkham reported Tesla’s moves. The asset rose to a ten-week high of $67,800 before falling sharply below $65,000. It has since recovered to trade at just over $67,000 at the time of writing.

beep! bitcoin wants to come back to life. pic.twitter.com/PmQY55lpt7

— Adam Back (@adam3us) October 15, 2024

Bitcoin is currently approaching a key psychological level, which is its previous all-time high of $69,000 from the 2021 bull market cycle.

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