Wall Street Breakfast Is Tesla bailing out of bitcoin?
Oct 16, 2024
Tesla has moved nearly all of its $760 million in bitcoin, stirring speculation about its future with crypto. Meanwhile, orange juice prices are spiking due to weather damage. United Airlines is reviving stock buybacks, and GameStop is now an authorized dealer for sports and hobby trading cards. Amazon is taking an innovative step by investing in small nuclear reactors to power AI. Plus, British American Tobacco is set to introduce synthetic nicotine pouches in the U.S., reflecting a shift in retail and investment strategies.
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Tesla's Bitcoin Position Mostly Transferred
- Tesla moved almost all of its $760 million bitcoin holdings to unidentified wallets, sparking selling speculation.
- The company's wallets now hold about $6.65 in bitcoin, implying a near-total transfer of its position.
On-Chain Data Points To Unknown Recipients
- Data from Arkham Intelligence (via Coindesk) shows more than 11,500 BTC moved from Tesla-associated wallets to unknown wallets.
- Tesla remains the fourth-largest public U.S. bitcoin holder despite the transfers, per Bitcoin's treasury data.
Tesla–Bitcoin Correlation Has Broken Down
- Morgan Stanley noted Tesla's historical correlation with bitcoin has broken down since last September.
- That decoupling reframes how investors should interpret Tesla moves involving crypto exposure.