Elon Musk's Tesla has moved all of its $760 million worth of Bitcoin assets out of its public wallet, marking the first BTC transaction in two years. The reason for these transfers was questionable, as the potential sale of so many coins could have a significant impact on the market. However, there is a possibility that the company is moving them for security purposes.
Arkham Intelligence data shows that the car company transferred all of its assets to BTC worth $760 million from its current wallet in several transactions. The first three large transactions—$75.18 million, $76.08 million, and $77.16 million—occurred at close intervals.
Tesla sent $75.18 million to an anonymous wallet (1Gxup…Zo2XM), and $76.08 million and $77.16 million to 1D6Vh…NsLvn. Soon after, the company moved the remaining bitcoins from the public wallet to several other wallets.
The transfer of BTC in the amount of $39.82 million took place to an anonymous wallet (1G5kZ…hGW8W). The automaker then transferred $31.92 million to another anonymous wallet (1Phab…Vr6Vj). The company sent $56.76 million to the same wallet. Meanwhile, the 15RdK…MjGER wallet received $86.18 million and $60.55 million from Elon Musk's company in two separate transactions.
After making these transactions, the company transferred $56.30 million to the 1E8E3…VaTWm wallet. 1MGM8…LxSje also received a portion of Tesla's bitcoin holdings in nine transactions. Tesla also transferred $102.36 million to the 1CJRc…Tbwev wallet in one transaction.
Tesla may have transferred these bitcoins in order to distribute them among several cold wallets. This is done to avoid concentrating all of your BTC reserves in one place and make them less vulnerable to hacking or security breaches.
If they do intend to sell them, they will most likely do so over-the-counter to avoid significant market exposure, especially given that the price of Bitcoin is currently trending upwards.