Market players closely follow the balance sheet of Tesla, the auto giant of Elon Musk, a prominent figure in the crypto world. Because, this is an important sign for Bitcoin investors and traders. Tesla’s financial statements arrived today and there is no change in the balance sheet. Meanwhile, bBitcoin drops to 28,000 as exchange reserves fall to their lowest level in recent years dollarface ofIt holds on.
Balance sheet arrived: Tesla did not buy or sell Bitcoin
cryptokoin.comAs you follow from , Elon Musk is in an impressive position in the crypto world. We know him for his posts on the popular meme coin Dogecoin (DOGE). However, the balance sheet of the automobile giant Tesla is also important for crypto players. Because, as you know, Tesla holds Bitcoin. Buying or selling serves as a signal for investors. Today was Tesla’s balance sheet day. According to the announced financial statements, Tesla He did not buy or sell Bitcoin in July, August and September 2023. Meanwhile Tesla in 2022 % of BTCs on its balance sheetHe sold 70 of them.
Stock exchange reserves BTC at the bottom 28,000 of the dollarface ofholding on
According to on-chain data, the supply of digital assets on exchanges has fallen to the lowest level in recent years. Despite this, Bitcoin remained stable above $28,000 on Wednesday. CryptoQuant data shows that 33,500 BTC has been moved from exchanges to cold storage since last Friday. It also reveals that BTC exchange reserves have fallen to their lowest level in recent years. This significant outflow reduces liquid supply. It also shows that long-term holders are betting on bullish price movement in the future.
Analysts make bullish predictions for Bitcoin
According to analysts at CryptoQuant, this bullish move could come after the possible approval of a spot Bitcoin ETF. The Securities and Exchange Commission’s approval would add approximately $1 trillion to the cryptocurrency market cap, the blockchain analysis firm says. CryptoQuant predicts that if an ETF is approved, BTC will become a $900 billion asset. He also states that the entire cryptocurrency market will expand by $1 trillion.
According to the report, it is noted that fund managers applying to list Bitcoin ETFs could theoretically increase the price of BTC to the range of $50,000 to $73,000 if they allocate just 1% of their assets under management to these ETFs. “Larry Fink’s comments suggesting that BTC price action is a flight from quality also likely increased sentiment towards the asset,” says James Butterfill, Director of Research at CoinShares. Meanwhile, Bitcoin gained 5.8% last week, according to CoinGecko. However, it is trending sideways on the daily chart. The leading cryptocurrency is changing hands at $28,252 at press time.
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