According to Arkham Intelligence data, Tesla wallets started fund movements around 20:41 UTC time on October 15, 2024.

After initially conducting several test transactions with small amounts of Bitcoin, a total of 11,500 Bitcoins (worth more than $769 million) were reportedly distributed across seven different wallets. These transfers coincide with when the funds were last moved on June 17, 2022.

This development aroused curiosity in the cryptocurrency community, although there was no official statement about whether Tesla had plans to sell its Bitcoin assets. Tesla’s third-quarter earnings report, expected next October 23, may offer more information about this latest move.

Observers state that this move by Tesla is most likely not a sale, but rather an effort by the company to store Bitcoins directly. It is also emphasized that the use of the old address format may be a signal for the resumption of Bitcoin payments.

It is reminded that in June 2022, the last date Tesla previously sold Bitcoin, the company sold 29,160 Bitcoins at an average price of $ 20,000, and this transaction is still the company’s largest sales record.

Tesla’s CEO Elon Musk stated that he made this sale to show that Bitcoin can be easily liquidated. However, Tesla later suspended this option due to environmental impacts in May 2021, a few months after announcing that it would accept Bitcoin as a payment method.

In particular, Bitcoin mining’s dependence on fossil fuels, especially coal, led the company to make this decision.

Before today’s transfers, Tesla was the fourth largest institutional holder of Bitcoin. According to Bitbo data, Tesla comes in behind business intelligence firm MicroStrategy and Bitcoin miners Galaxy Digital and Riot Platforms. Tesla’s Bitcoins offer important insight into the company’s financial strategy and interest in cryptocurrencies.

Meanwhile, Musk’s other company, SpaceX, continues to protect its crypto assets. Currently, SpaceX holds 8,285 Bitcoins, which corresponds to approximately $556 million. This shows Musk’s long-term interest in cryptocurrencies and his investments in this field.

At the time of writing, the price of Bitcoin had not reacted to these transfers. The cryptocurrency was trading just below around $67,000, recording a 1.7% increase in the last 24 hours.

Additionally, Musk raised the possibility that Dogecoin would be accepted as a payment option for Tesla products again in August, which created excitement in the cryptocurrency community again. Although there is no official statement, Musk’s hints brought Dogecoin to the center of attention again.

While these developments increase the influence of Tesla and Musk in the cryptocurrency field, they also deepen the thoughts on the future of Bitcoin and other crypto assets. Tesla’s breakthroughs offer a road map to follow in the cryptocurrency market.