worth nearly one billion dollars Bitcoin (BTC)abruptly left the crypto exchange Coinbase. Bitcoin purchased from Coinbase Pro is very similar in value to the amount of Bitcoin sold by Tesla in the second quarter of 2022. Details are here.
48 thousand Bitcoins worth approximately $ 940 million from Coinbase Pro the other day moved. CryptoQuant analyst Maartun, who first reported the move, expressed his optimism that Tesla could be the company behind the move in a post he made today.
As noted by Maartun, Tesla reported in July that it sold $936 million worth of Bitcoin in the second quarter of 2022. This value is very similar to the Bitcoin value that was reported to have been migrated from Coinbase Pro yesterday. Whatever the case, we’ll find out the truth when Tesla releases its earnings report today.
Koinfinans.com As we reported, Tesla is expected to present its third quarter financial reports for 2022 after the market close today. Notably, after the firm announced that it had sold about 75% of its Bitcoin holdings in July, Tesla executive Elon Musk claimed that the company will buy more BTC in the future.
Institutional Bitcoin Purchase?
CryptoQuant CEO Ki Young Ju has another important issue. mentioned: The last major Bitcoin purchase was at a significant price point for institutional investors. Earlier in October, Young Ju stated that the current levels have been historically preferred by Coinbase’s institutional customers.
While this price level isn’t a big deal for Tesla, it’s worth noting that Coinbase’s institutional arm serves the acquisition, according to a report by The Block.
If Maartun’s latest speculation proves to be correct, it could lead to massive bullish momentum for the leading crypto asset. Remarkably, the revelation of Tesla’s purchase of Bitcoin last year sent Bitcoin to new highs of over $44,000.
It is worth noting that there is still no certainty that this is not an internal movement of assets by Coinbase. Still, analysts believe the data indicates more of an institutional acquisition.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.