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Cryptocurrency News Articles
Tesla Splits Its Bitcoin Holdings into Seven Wallets, Signaling a Shift in Custody Arrangements
Oct 23, 2024 at 11:26 pm
Recently, Tesla made headlines by transferring its entire Bitcoin holdings, valued at over $776 million, to seven different wallet addresses.
Electric car maker Tesla has moved its entire Bitcoin stash, valued at over $776 million, from seven different wallet addresses, according to crypto intelligence firm Arkham.
This move has attracted attention from traders due to the potential impact large-wallet investors can have on Bitcoin’s price movements.
Typically, large-wallet investors shifting tokens from wallets to exchanges may indicate an intention to sell, potentially driving prices down. On the other hand, internal transfers between wallets usually do not have a significant effect on the token’s value.
According to Arkham, the Tesla-linked wallets, which were identified by analyzing on-chain transactions, received 11,509 Bitcoin in total on October 15.
The analysis showed that Tesla split its Bitcoin into seven wallets, each containing between 1,100 and 2,200 BTC. The two largest addresses, “1Fnhp” and “1LERL,” received $142.2 million and $128.1 million, respectively.
Despite concerns that the move could be a prelude to a sell-off, Bitcoin’s price has remained stable around $66,500, showing no immediate reaction to Tesla’s large-scale Bitcoin transfers.
However, the analysis by Arkham also highlighted the role of Elon Musk, Tesla’s CEO, in orchestrating these transfers.
According to the firm, these transfers may be part of a strategy by Musk to secure a loan against the Bitcoin holdings, considering that Tesla’s custody arrangements have shifted, with Coinbase Prime Custody now acting as the custodian.
As Tesla is the fourth-largest corporate Bitcoin holder, Musk’s actions carry significant weight in the broader crypto market.
With Musk’s other company, SpaceX, also holding a large amount of Bitcoin, his crypto strategy is closely watched by the industry.
These moves by Tesla and Musk are being monitored by traders and analysts to assess their impact on Bitcoin’s price movements and the broader crypto market dynamics.
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