Yesterday Tesla moved all his BTC to a wallet, the ownership of which is still unknown, without any impact on the price of Bitcoin.
Although it is not yet entirely clear what happened, and especially why, the markets interpreted that potentially sensational move as a mere internal technical shift irrelevant to the market itself.
The movement of Tesla’s Bitcoin and the impact on BTC price
According to data from Arkham Intelligence, until yesterday there were almost 12,000 BTC on the known Bitcoin addresses belonging to Tesla.
Today it seems to be no more.
In the span of a few hours, the company moved all of its BTC from its known addresses to other addresses. Besides, it had been years since that BTC was moved.
At this moment, no one knows yet who the addresses to which Tesla sent all his BTC belong to, but the hypothesis that seems most likely is that they are simply new addresses of Tesla that are not yet known.
It should be remembered that the blockchain of Bitcoin is pseudo-anonymous, and it is in no way possible to trace the owner of an address simply by analyzing the public on-chain data.
Moreover, Tesla has not publicly clarified the nature of this move and its motivations, so there are still no certainties about it.
However, given that this was a transfer of all his BTC (almost 12,000) carried out within a few hours, the explanation that currently seems most likely is that it was just a reorganization of the company’s crypto wallets with internal transfers of the Bitcoin to new addresses still owned by them.
The effect on the price of BTC (Bitcoin) after Tesla’s move
When the movements began, which are monitored in real time by platforms such as Arkham Intelligence, the price of Bitcoin practically did not react at all.
Even as the news began to spread, there was no significant decline.
The fact is that if the transfer was made to sell that BTC on the exchanges, the markets reacted poorly, because 12,000 BTC offered for sale in such a short time would significantly increase the selling pressure on the crypto markets.
However, there is also the possibility that they were moved to the unknown wallet from an OTC exchange, so the sale could happen in an unclear way, but it would still be very strange for a company like Tesla to sell everything his Bitcoin in one fell swoop with a total market value of about 800 million dollars.
Since the previous addresses were managed by Coinbase Prime Custody, maybe it was just a change of custody service provider.
Other movements of BTC
In these days, other interesting chain movements of Bitcoin were recorded.
Arkham Intelligence discovered that a whale that mined BTC just five days after the first block moved just over a thousand BTC to Kraken, with a dollar equivalent value of over $600,000.
The same whale has moved Bitcoin for a total value of 5.47 million dollars in the last 2 months. As of today, his known addresses still hold over 75.2 million dollars in Bitcoin.
It’s not about Satoshi Nakamoto, but still one of the very first Bitcoin miners besides him.
Additionally, this whale has never moved that BTC mined in 2009 until a few months ago.
However, this is not the only similar movement in recent times, even if it is the one that moved the oldest BTC.
The hypothesis in these cases is that they are old holders who might want to sell a small portion of the BTC they still have in their portfolio to make money.
Today’s Analysis of Bitcoin (BTC) Price
It should not be forgotten that the price of Bitcoin is on the rise, and it is now only -9% from the historical highs of March.
Furthermore, it is possible that a new bull run could start in the second half of October, as has happened twice in the past when the halving took place before the presidential election in the USA.
Therefore, it is absolutely plausible that in such a scenario, some holders are preparing to cash out some of their BTC, perhaps with the hope that the selling price may return to all-time highs in the coming weeks.
However, this, on the other hand, also suggests that if many holders were to sell, in the event of new highs, the price could fall, but the great bull runs of Bitcoin in the past lasted about 12 months, so even these sales can eventually only being able to slow it down temporarily.
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