Is Tesla About to Sell It's BTC? Bitcoin Doesn't Seem to Care

The Breakdown

Nathaniel Whittemore

Investing, Business

4.8 • 786 Ratings

🗓️ 17 October 2024

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

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Summary

Tesla shuffled all it's BTC after years of it being dormant, leading to some speculation that they're preparing to sell. Bitcoin price action shrugged off the rumors as a non-event, however, showing how embedded the current bullish sentiment is. Unlocking Bitcoin DeFi with ExSat The exSat Network aims to unlock and scale the Bitcoin ecosystem without compromising Bitcoins Ideology. The network has partnered with the largest mining pools in the world, major custodians and exchanges, Cefu, Cubolt, Matrixport, Copper, OKX and aims to have over $200M TVL at mainnet launch on the 23rd of October. Follow exSat’s Twitter to stay up to date @exsatnetwork or visit the testnet exsat.network Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/nathanielwhittemorecrypto Subscribe to the newsletter: https://breakdown.beehiiv.com/ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.3	It's a daily podcast on macro, Bitcoin, and the big-picture power shifts remaking our world.
0:18.4	What's going on, guys? It is Wednesday, October 16th, and today we are talking Tesla shuffling
0:23.4	Bitcoin, ETF inflows ripping, open interest hitting a one year high, and much, much more.
0:28.9	Before we dive into that, however, if you are enjoying the breakdown, please go subscribe to it,
0:32.4	give it a rating, give it a review, or if you want to dive deeper into the conversation,
0:35.7	come join us on the breakers discord. You can find a link in the show notes or go to bit.ly slash breakdown pod.
0:41.3	All right, friends. Well, some interesting moves yesterday, Tesla has moved their entire Bitcoin
0:46.8	stash, triggering panic in some circles that they could be on the verge of selling.
0:52.1	Elon Musk's carmaker was, of course, one of the first publicly listed
0:54.7	companies to buy Bitcoin. They purchased $1.5 billion worth in February 2021, but ended up selling
1:00.0	three quarters of it at a loss in early 2022. That final 25%, however, was still enough to make them
1:05.6	the fourth largest corporate Bitcoin holder behind micro strategy, Marathon Digital, and Riot
1:09.5	platforms. Their stash is currently
1:11.4	worth around $760 million and hasn't been touched in over two years. The movement of funds
1:16.3	was detected yesterday afternoon. Tesla sent a series of test transactions to previously
1:20.7	unknown wallets. Over the next couple of hours, they transferred the entire stack across
1:24.7	seven different wallets. There doesn't seem to be any clear pattern as you would expect from a new custody arrangement.
1:30.5	Tesla previously maintained their holdings across multiple wallets, and there was some consolidation,
1:34.4	but the receiving wallets hold different amounts.
1:36.7	Each is in the tens of millions of dollar range.
1:39.0	The wallets also don't have clear links to an exchange or an OTC desk.
	...

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