Tesla Moves Its Massive Bitcoin Stash: What’s Behind the Shift?

• Tesla has moved its Bitcoin holdings to seven different wallets.
• The company has 11,509 BTC worth around $776.9 million.
• Bitcoin is facing resistance at the $69,000 price level and awaits breakout.

Elon Musk’s Tesla has moved its entire Bitcoin stash to new wallets. The electric vehicle giant, which boasts a market cap of $683 billion, holds 11,509 BTC, currently valued at around $776.9 million.

According to an X post by Arkham Intelligence, the blockchain analytics firm, the Bitcoin is now distributed among seven wallets holding 1,100 and 2,200 BTC each. However, it’s important to note that the tokens remain under Tesla’s ownership and haven’t been sold on the open market. Data from BitcoinTreasuries shows that Tesla has the fourth-largest Bitcoin holdings among all publicly traded US companies.

Interestingly, Tesla’s BTC holdings represent less than 1% of the company’s market cap, while other companies on the list hold Bitcoin worth up to 25% of their capitalization. The top three holders are MicroStrategy and Bitcoin mining companies MARA Holdings and Riot Platforms.

Tesla originally invested $1.5 billion in Bitcoin during the previous cycle. However, in mid-2021, Musk voiced concerns about the environmental impact of Bitcoin mining. In 2022, Tesla sold most of its BTC holdings when the digital asset was priced around $20,000.

Bitcoin Price Struggles to Break Above $69K

Bitcoin is currently trading at $67,022.51, down 0.8% in the past 24 hours. Its market capitalization stands at $1.3 trillion, with a trading volume of $29.54 billion, a 20.28% decline over the past 24 hours. The leading cryptocurrency reached a daily high of $67,801.58 after recovering from a daily low of $66,612.02.

The Relative Strength Index (RSI) reads a value of 60 which means that the bulls are currently in control of the Bitcoin price action while the gradient of the line suggests that lower prices might be possible.