Is Tesla Selling its BTC Holdings?

Amid the ongoing price correction across the cryptocurrency market, Elon Musk's Tesla has just moved a substantial amount of Bitcoin (BTC) to an unknown wallet.

Elon Musk’s Tesla has just moved a significant amount of Bitcoin (BTC) to an unknown wallet, sparking speculation about whether the company is planning to sell its BTC holdings.

According to a post on X (Previously Twitter) by on-chain intelligence firm Arkham on October 16, 2024, the giant electric car manufacturer shifted 11,500 BTC, valued at approximately $760 million.

This substantial BTC transfer has raised concerns about Tesla’s next move, considering it marks the first time in the past two years that the company has moved its BTC holdings.

Based on available data, Tesla ranks fourth among the largest BTC holders, following MicroStrategy, mining firm Marathon Digital, and Riot Platform.

Despite the significant BTC transaction, Tesla has not yet provided any official comments. Notably, asset prices remained largely stable following this major BTC transfer, with no significant exchange activity or dumping observed from large whales.

At press time, BTC is trading close to $66,880, showing a modest price increase of over 1.35% in the past 24 hours. During this period, its trading volume also increased by 20%, indicating greater participation from traders and investors.

According to technical analysis by experts, BTC is currently facing strong resistance at the upper boundary of a descending channel pattern. This marks the sixth time the world’s largest cryptocurrency has reached this level since March 2024.

Past trends indicate that whenever BTC reaches this level, it typically encounters strong selling pressure and a price decline of over 20%.

However, as the presidential election in the United States approaches, the sentiment seems to be shifting. During the last two elections, the crypto market experienced a significant rally in October ahead of the polls.

On the other hand, analytics firm Coinglass suggests bearish sentiment among top traders in the past four hours. According to their data, BTC’s long/short ratio is currently 0.89, indicating a bearish market.

At present, 52.7% of top traders hold short positions, while 47.3% hold long positions.

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