Wednesday, November 30, 2022
HomeCrypto NewsMarket48,000 Bitcoin Moved From Coinbase - Is Tesla On The Receiving End?

48,000 Bitcoin Moved From Coinbase – Is Tesla On The Receiving End?

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Is Tesla Behind The $48,000 Bitcoin (BTC) Moved From Coinbase Yesterday? This CryptoQuant Analyst Thinks So.

Bitcoin purchased from Coinbase Pro is eerily similar in value to the amount of Bitcoin sold by Tesla in Q2 2022.

The Crypto Basic reported yesterday that 48k BTC worth about  $940 million had been moved from Coinbase Pro. In a tweet today, Maartun, the CryptoQuant analyst who first reported the move, expressed optimism that Tesla may be the company behind the move.

As highlighted by Maartun, Tesla in July had reported selling $936 million worth of Bitcoin in Q2 2022. Notably, the value closely resembles the value of Bitcoin reported to have moved from Coinbase Pro yesterday. Whatever the case, we will likely find out as Tesla is set to publish its earnings report today.

Notably, following the disclosure that the firm had sold about 75% of its Bitcoin holdings in July, Tesla chief Elon Musk asserted that the company would still buy more in the future. 

It is worth noting that the latest huge Bitcoin purchase has occurred at a significant price level for institutional investors, as highlighted by CryptoQuant CEO Ki Young Ju. Young Ju, earlier in October, noted that it was a level historically favored by institutional customers of Coinbase.

While this price level is not necessarily significant to Tesla, who initially made their $1.5 billion purchase in early 2021 when the asset traded above the $30k price point, it is worth noting that Coinbase’s institutional arm serviced the purchase, as per a report from The Block.

If the latest speculation by Maartun is proven true, it could lead to a huge bullish momentum for the leading crypto asset. Remarkably, the revelation of Tesla’s Bitcoin purchase last year sent Bitcoin to new highs above $44k.

It is worth noting that there is still no certainty that it was not an internal movement of assets by Coinbase. Still, analysts believe the data is pointing more toward an institutional purchase.

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Mark Brennan
Mark Brennan
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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