ALBAWABA – Elon Musk, the American billionaire, and CEO of Tesla, SpaceX, Neuralink, and The Boring Company, transferred nearly $760 million worth of Bitcoin to unknown wallets.
Musk and Tesla transfer $760M worth of Bitcoin
According to Bitcoin Treasuries data, Tesla was the fourth-largest holder of Bitcoin, with approximately 10,000 tokens. On Wednesday, the company transferred Bitcoin to new unknown wallets, alleviating fears of an upcoming selloff, as reported by Arkham Intelligence.
Neiter Musk nor Tesla commented on this recent move, but experts anticipate more details next week as Tesla’s third-quarter earnings report will be released.
According to CryptoQuant and CoinDesk, the reasons behind Tesla’s and Musk's move may relate to compliance or internal audits, as Tesla needs to meet accounting and legal reporting obligations. It could also involve portfolio management, with the company likely using multiple portfolios for operational purposes, or restructuring funds in anticipation of future sales or loans.
On Wednesday, the company transferred Bitcoin to new unknown wallets, alleviating fears of an upcoming selloff, as reported by Arkham Intelligence. (Shutterstock)
Additionally, UTXOs, the unspent output in transactions at the database level of some cryptocurrencies, when a transaction is executed, the input is removed, and the output is created, with any remaining output available for future use.
It is worth mentioning that using UTXO in a transaction increases the transaction size, leading to higher fees. On the other hand, standardization reduces the number of inputs for future transactions, which can lower costs and increase transaction speeds, according to experts.
