Tesla moved nearly its entire Bitcoin stash, worth nearly $780 million, to new wallets last week, causing some market volatility, but the BTC remains unsold and is believed to still be owned by Tesla.
Tesla continues to hold its bitcoin stash, having recently moved coins to new wallets in a move that sparked fears of liquidation, on-chain intelligence Arkham said in a Wednesday post.The Elon Musk-owned company shifted nearly its entire stash of 11509 BTC, worth $776 million, to new wallets last week, leading to short-term price volatility and fears of forthcoming selling pressure.
"We believe that the Tesla wallet movements that we reported on last week were wallet rotations with the Bitcoin still owned by Tesla," Arkham said on X."The Bitcoin has been split between 7 wallets holding 1100 and 2200 BTC. All holding wallets received test transactions, and all but one hold a round number of BTC."
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