The Truth Behind Tesla's $700 Million Bitcoin Transfer Revealed! Or Did They Sell It?

Cryptocurrency onchain analysis company Arkham explained the truth behind Tesla's Bitcoin movement in its statement.

Cryptocurrency onchain tracking platform Arkham explained the truth behind Tesla's move, which recently caused sales speculations in the market by moving hundreds of millions of Bitcoins.

According to Arkham analysts, the wallet movements in question made by Tesla were only wallet rotations and these Bitcoins still belong to Tesla.

The company transferred all of its assets, consisting of $776.9 million worth of BTC, to new cryptocurrency wallets.

As a result of the transfer, BTC assets were divided into seven separate wallets holding assets between 1100 and 2200 BTC. As a result of these transfers, test transfers were initially made for all cryptocurrency wallets and all wallets except one were brought to a position holding a full number of BTC.

As a result, Arkham believes that these Bitcoin assets were not sold, but were merely a wallet arrangement, and that the assets still belong to Tesla.