Bitcoin price news: Tesla Moved $765 Million in Bitcoin to Unknown Wallets

Tesla has transferred the majority of its Bitcoin holdings to undisclosed wallets, as Bitcoin (BTC) surged past $68,000, reaching an intraday high of $68,261. This rise is likely fueled by growing investor confidence and positive news. Bitcoin ETFs have recorded their highest inflows in over four months, with $556 million invested, indicating sustained institutional interest in cryptocurrencies.

Tesla has moved BTC worth $770m to unknown wallets

Tesla has transferred 11,509 BTC, valued at $770 million, to several unknown wallets, marking its first significant Bitcoin move since early 2022 when it sold a substantial portion of its holdings. This action has sparked speculation that Tesla may be preparing to sell its remaining Bitcoin ahead of its upcoming earnings report on October 23, 2024.

Tesla initially revealed in 2020 that it had acquired $1.5 billion worth of Bitcoin, but it didn’t retain the full amount for long. The company sold roughly 10% of its holdings in the first quarter of 2021, followed by a larger sale in July 2022, offloading about 75% of its remaining Bitcoin. At the time of the 2022 sale, Bitcoin was valued at around $24,000, significantly lower than its all-time high of nearly $69,000 reached in November 2021.

Tesla’s relationship with Bitcoin has been mixed beyond its buying and selling activity. In 2021, the company announced it would accept Bitcoin as payment for its vehicles, only to reverse the decision two months later, with Elon Musk citing concerns over the environmental impact of Bitcoin mining.

Musk, a vocal supporter of the meme coin Dogecoin, stated in 2021 that Tesla would consider accepting Bitcoin again once a majority of its mining is powered by green energy. However, the company has yet to follow through on this.

Bitcoin Price is still blowing up

Bitcoin price is now just a few thousand dollars shy of reaching a new all-time high, following an impressive rally that has seen its price climb by nearly a third over the past month.

The world’s leading cryptocurrency was trading above $68,000 on Wednesday, bouncing back from a dip below $53,000 in September during a panic-driven sell-off. A modest price increase of under 10% could push Bitcoin past its previous record high of $73,700, set in March of this year.

Bitcoin's current surge toward an all-time high mirrors previous bull markets, such as the late 2017 rally when it first surpassed $20,000. However, unlike the retail-driven frenzy of 2017, this rally is largely fueled by institutional adoption, spurred by the launch of the first-ever spot Bitcoin exchange-traded funds (ETFs) earlier this year, which have brought greater legitimacy and stability to the market.

On Monday, ETF tracker Farside reported over $550 million in net inflows via spot Bitcoin ETFs, the largest daily inflow since June, signaling renewed investor demand. This institutional interest has also pushed Bitcoin's dominance in the crypto market to a 3.5-year high. According to CoinMarketCap, Bitcoin now accounts for more than 57% of the $2.32 trillion cryptocurrency market, up from around 50% at the beginning of the year.