- Tesla’s recent Bitcoin transfer to unknown wallets fuels speculation of a potential sell-off.
- Musk’s public support for Trump adds intrigue to Tesla’s crypto moves.
Elon Musk’s Tesla, one of the largest corporate holders of Bitcoin [BTC], has recently shifted nearly its entire $760 million BTC stash to unknown wallets, fueling speculation that the automaker could be preparing to sell off its holdings.
Tesla’s Bitcoin transfer
As reported by Arkham Intelligence, on the 15th of October, wallets associated with Tesla moved over 11,500 Bitcoin to undisclosed wallets.
The transfer stirred curiosity and concern within the crypto community about Tesla’s intentions with its substantial cryptocurrency investment.
Source: Arkham/X
Following a significant transfer of BTC by Tesla, the company’s crypto wallets now hold only about $6.74 in BTC.
Conducted in three separate batches, the transaction moved roughly 3,385 BTC (valued at approximately $225 million) to three unidentified Pay to Public Key Hash (P2PKH) addresses.
This unexpected transfer has ignited widespread speculation online, as Tesla’s motives remain unclear.
Meanwhile, Bitcoin, which had been trading above $67,000, saw a slight dip to $66,500 before rebounding to $67,139.81 with a 2.53% gain over the past 24 hours as per CoinMarketCap.
With market activity intensifying, some speculate that BTC might be positioning itself for another all-time high.
Is this a move to fund Trump’s crypto project?
That being said, the recent Bitcoin transfer by Tesla has stirred a wave of speculation across the crypto community, with many drawing connections to former President Donald Trump’s rumored crypto project.
For instance, X (formerly Twitter) user That’s My Quant suggested,
“@elonmusk funding @realDonaldTrump crypto project.”
Adding to the fray was another X user, who said,
“Elon about to dump Trumps election chances. He is part of team Trump and the pro bitcoin ticket!”
This might be because Musk recently drew significant attention by attending a rally in Butler, Pennsylvania, in support of Republican presidential nominee Donald Trump.
Putting on a “Make America Great Again” cap, Musk publicly aligned himself with Trump’s campaign, referring to himself as “Dark MAGA.”
He even said,
“As you can see, I am not just MAGA, I’m dark MAGA.”
At the same time, Trump’s standing within the crypto community has also seen a notable boost.
This unexpected alignment of two influential figures has added a new dimension to ongoing political and crypto discussions.
Now, whether these speculations hold any truth or not remains uncertain.
Tesla’s Bitcoin connection
That being said, Tesla’s relationship with Bitcoin has been dynamic since its bold $1.5 billion investment in early 2021.
This is because of the aim to diversify cash reserves and even explore BTC as a payment option.
However, by 2022, Tesla sold 75% of its holdings due to market volatility.
As of March, Arkham Intelligence reported Tesla held 11,509 BTC, worth around $770 million, making it the fourth-largest Bitcoin holder among U.S. public companies after MicroStrategy, MARA Holdings, and Riot Platforms as per Bitcoin Treasuries data.
