Bitcoin: Elon Musk’s Tesla & SpaceX Holds $1.3B BTC, A Price Rally Ahead?

In what comes as a remarkable revelation within the cryptocurrency landscape, Elon Musk’s Tesla and SpaceX have been registered holding colossal amounts of Bitcoin, per insights unveiled by the blockchain tracker Arkham. These holdings, valued at $1.34 billion, promptly garnered noteworthy attention among crypto market traders and investors globally as BTC recently surged past the $68K mark, scaling a new ATH (All-time- high) this week.

With its accumulations spread out across nearly 100 different addresses, these holdings showcase Musk’s remarkable sense of confidence in the world’s first-ever digital asset. Meanwhile, as the BTC halving looms, investor sentiment orbiting Bitcoin further gets bolstered with the above-mentioned revelation.

Bitcoin, in the interim, continued its upward movement today, although the token recorded a dip briefly, per CoinMarketCap’s data.

Tesla & SpaceX BTC Holdings & On-Chain Flows: Diving Deep

According to the insights unveiled by Arkham, Tesla currently holds 11.51K BTC, worth $780 million, across 68 different addresses, whereas SpaceX currently holds 9.29K BTC, worth $560 million, across 28 different addresses. Upon further investigation, Arkham even identified on-chain fund flows that match Tesla and SpaceX’s financial statements.

The on-chain fund flows we’ve identified match financial statements from Tesla and SpaceX.

Tesla purchased $1.5B of BTC in Jan 2021, and sold BTC on 2 occasions:

Sold $272M BTC in Q1 2021
Sold $936M BTC in Q2 2022

Tesla allowed purchases of Teslas in Bitcoin between March 24… pic.twitter.com/d7xLcyPmT6

— Arkham (@ArkhamIntel) March 7, 2024

Intriguingly, Tesla bought $1.5 billion worth of BTC in January 2021 and sold it on two occasions. Arkham’s first sale of Tesla’s BTC recorded dates back to Q1 2021, evaluating a sale of $272 million worth of coins. On the other hand, the second sale recorded dated back to Q2 2022, showcasing a $936 million BTC selloff.

In addition to this data, Arkham spotlighted another intriguing phenomenon wherein Tesla allowed purchases of Teslas (cars) in Bitcoin between March 24 and May 12, 2021. Aligning with this, the tracker identified a Tesla car purchase linked to Tesla’s BTC holdings, further sparking inferences.

These phenomenal holdings by one of the world’s most renowned entrepreneurs mirrored immense optimism orbiting the world’s first digital currency. While BTC has already scaled new heights with the Bitcoin ETFs and pre-halving bullish sentiment weighing in, further expectations of greater pumps persist as the halving has yet to occur.

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Bitcoin Price Jumps

As of writing, the Bitcoin price noted an uptick of 0.71% over the past 24 hours and is currently trading at $66,734. The token’s recent topping of the $68K mark, mirroring the optimism birthed with ETFs and pre-halving sentiment, further fueled bullishness on BTC.

With a monthly surge of 54.97%, the token’s exhibition of a bull run is now further aided by Musk’s firms’ accumulations weighing in. Crypto market enthusiasts appear to be highly optimistic about BTC’s bolstered price action ahead as halving approaches, with Tesla and SpaceX’s colossal holdings further adding up to the optimism.

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