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The blockchain tracker Arkham has revealed shocking information about the cryptocurrency world: Elon Musk's SpaceX and Tesla have been found to be registered owners of enormous quantities of Bitcoin. These assets, which are worth $1.34 billion, quickly attracted notice from traders and investors in the cryptocurrency space worldwide as BTC just broke beyond $68K and reached a new All-Time High (ATH) this week.
These holdings, which are dispersed over almost 100 distinct addresses, demonstrate Musk's extraordinary level of faith in the first-ever digital asset in history. The aforementioned disclosure, meanwhile, strengthens investor sentiment surrounding Bitcoin as the BTC halving approaches.
Meanwhile, according to CoinMarketCap data, Bitcoin resumed its upward trend today, despite a minor decline.
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BTC Holdings & On-Chain Flows for Tesla & SpaceX: Going Deep
Based on the information disclosed by Arkham, SpaceX presently possesses 9.29K BTC, valued at $560 million, spread across 28 addresses, while Tesla currently holds 11.51K BTC, valued at $780 million. Arkham even discovered on-chain fund movements that correspond with Tesla and SpaceX's financial records after conducting additional research.
Interestingly, Tesla sold $1.5 billion worth of Bitcoin twice after purchasing it in January 2021. In Q1 2021, Arkham recorded its first-ever sale of Tesla's Bitcoin, valuing a $272 million transaction. However, the second transaction that was noted occurred in Q2 2022 and showed a selloff of $936 million in bitcoin.
Along with this information, Arkham also brought attention to another fascinating phenomenon: between March 24 and May 12, 2021, Tesla will accept Bitcoin payments for Tesla vehicles. In keeping with this, the tracker discovered a Tesla vehicle purchase connected to Tesla's Bitcoin holdings, which raised more questions.
These massive holdings by one of the most well-known businesspeople in the world reflected the great confidence surrounding the first digital currency. Even though the pre-halving bullish attitude and the Bitcoin ETFs have already helped BTC reach new heights, there are still further pumps anticipated because the halving has not yet taken place.
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The Price of Bitcoin Rises
At the time of writing, the price of Bitcoin has increased by 0.71% in the last day and is presently trading at $66,734. Bullishness on Bitcoin was further stoked by the token's recent topping of the $68K mark, which mirrored the euphoria sparked by ETFs and the pre-halving sentiment.
The token is currently exhibiting a bull run, with a monthly advance of 54.97%, made possible by the accumulations of Musk's firms. With the halving approaching, cryptocurrency market aficionados are quite hopeful about BTC's strengthened price action in the near future. This optimism is further backed by Tesla and SpaceX's massive holdings.