The bitcoin price, up over 200% since its recent 2022 lows, has soared this year thanks to Wall Street giant BlackRock leading a bitcoin and crypto "revolution."
Elon Musk's electric car company Tesla moved its bitcoin for the first time in around two years last week.
The Tesla bitcoin movements, which were valued at nearly $800 million at the time, sparked speculation that the bitcoin was being moved for an over-the-counter sale.
However, blockchain sleuths with Arkham Arkham Intelligence said they believe the Tesla bitcoin movements were "wallet rotations" and that the bitcoin is still owned by Tesla.
"Tesla moved their entire balance of 11,509 bitcoin ($776.9 million) to new wallets," Arkham added in its analysis, published to X.
"The bitcoin still appears to be owned by Tesla, and we're awaiting further developments or on-chain activity to confirm the final destination of the bitcoin."
Tesla sold the majority of the $1.5 billion worth of bitcoin it added to its balance sheet a year earlier in early 2022 to secure a quarterly profit for the company.
Afterward, Musk said he sold "a bunch of Tesla stock and a bunch of bitcoin" to "save the U.S. from bankruptcy."
Now, as traders brace for Tesla to post its third quarter earnings, the company's bitcoin holdings are in the spotlight once again and could be a key factor in determining whether the bitcoin price will rally or crash.
Tesla will post its 2024 third-quarter results after the U.S. market closes on Wednesday, October 23.
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