Leading EV maker Tesla said during its results teleconference on Wednesday that it had converted 75% of its Bitcoin assets into cash.
According to its Q2 report, Tesla possessed only about $218 million in cryptocurrencies at the conclusion of the second quarter.
In February 2021, the well-known e-car manufacturer said that it had bought $1.5 billion worth of Bitcoin, driving the price of the leading cryptocurrency to all-time highs. Shortly after, it made a tiny sale to test the marketability of Bitcoin.
The Elon Musk-run business ceased taking BTC as a form of payment in May 2021 because of ethical considerations.
At the end of 2021, Tesla stated that it has approximately $1.99 billion worth of BTC in its possession.
Third largest whale dumping Bitcoin too?
Recent rumors claim that the third-largest Bitcoin whale has begun selling his HODL holdings. In retrospect, members of the community have begun attesting that BTC would probably respond to the same and go below $10k.
The negative prognosticator “CryptoWhale,” which has a good track record of success, stated that the current stage for whales is “exit liquidity.” According to BitInfoCharts’ on-chain data, the whale discharged almost 15500 BTC on July 19. CryptoWhale claimed back then,
“I expect much more to be sold off very soon.“
As expected, the selling frenzy continued. The whale’s balance fell from 112,382.42 BTCs, valued at $2,643,251,736 in a sequence of transactions on Wednesday and Thursday, to 0.00999896 BTC, only worth $230.
CEO of on-chain data analytics startup CryptoQuant Ki Young Ju stated on Twitter that the transaction(s) are “simply internal” and suggested that the wallet may be either a cold or custodial wallet controlled by Gemini. He also claimed,
“What’s obvious is that it’s not a user deposit to exchange hot wallets for selling $BTC. Not at all.“
Similar mislabeling had happened before and caused market players to harbor misinformation. The misidentification of one exchange wallet as another’s by on-chain data providers was noted by CryptoQuant last year.
However, the world’s largest cryptocurrency currently trades at $22,690.09 with a daily plunge of 0.40%.