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.
"Tesla has bought back their #Bitcoin exposure"
That was my dream from last night
Coincidence? Speculation? https://t.co/2dTaLWbkdz
— Maartunn (@JA_Maartun) October 19, 2022
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.
$BTC price now is close to the estimated entry price of institutional investors who have been using Coinbase services like prime brokerage, custody, etc.
If you still believe institutions drive this market, this bull opium could work for you. pic.twitter.com/goQTSnuCN7
— Ki Young Ju (@ki_young_ju) October 5, 2022
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.
JUST-IN: 48k $BTC flowed out from Coinbase today.
— Ki Young Ju (@ki_young_ju) October 18, 2022