Evidence That Tesla Sells Off BTC Causes Massive Funds Collapse

CryptoQuant’s Ki Young Ju confirmed Tesla was the customer they saw on June 12. A large number moved from Coinbase to Binance and Bitfinex, like helping customers sell large amounts of BTC.

Tesla’s Bitcoin sell-off linked to Celsius and 3AC’s collapse?

As updated in a Coincu News article, Tesla’s Q2 report is out. Almost 75% of bitcoins are sold for FIAT currency, bringing $936 million to the company’s economic balance. The average selling price will be above $29,000 per Bitcoin. After that, the Tesla company will only hold about $218 million in crypto by the end of Q2 (end of June).

Bitcoin Treasuries Shows After 10% Sale Last Year, Tesla Has 43,200 BTC worth $1.5 billion in Bitcoin and largely contributed to pushing the asset to a very high peak with ATH in April of the same year at around $69,000. 

75% of BTC equivalent to 32,400 BTC has been liquidated. According to Tesla’s report, the total proceeds through this deal are $936 million. Thus, it can be seen that the time this company sells BTC in the period from May 11 to June 12.

CryptoQuant’s Ki Young Ju sees a large number of transfers from Coinbase to Binance and Bitfinex on June 12, as helping customers who sell large amounts of BTC, and today confirmed that customer is Tesla.

Coincidentally, on June 12 the price of BTC was at $28,888. It is highly likely that this is the time when Elon Musk’s company “dump”.

In particular, Celsius suspended withdrawals on June 12, citing “extreme markets”, and Three Arrows Capital also announced trouble on June 14.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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