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  • Elon Musk’s Tesla transfers Bitcoin worth $770M to new addresses

    Elon Musk’s Tesla transfers Bitcoin worth $770M to new addresses

    Tesla transfers Bitcoin worth $770M to new addresses
    • Tesla relocated 11,509 bitcoins, valued at $770 million, to new addresses.
    • This marks Tesla’s first Bitcoin transaction since selling most holdings in 2022.
    • Tesla remains the third-largest Bitcoin holder among public companies after MicroStrategy.

    Tesla, the electric vehicle giant led by Elon Musk, has recently relocated its entire Bitcoin (BTC) treasury, consisting of 11,509 bitcoins valued at approximately $770 million, to multiple new addresses.

    This significant move was reported by analytics firm Arkham Research, which tracked the on-chain data associated with the transactions.

    First time Tesla is touching its Bitcoin stockpile

    The transfer of bitcoins marks Tesla’s first interaction with its crypto wallets since 2022 when the company sold off the majority of its holdings.

    The series of transactions occurred within a single hour and was preceded by six test transactions, indicating a strategic approach to the relocation.

    At its peak, Tesla held around 43,000 bitcoins, but according to the latest quarterly report, the company reportedly had about 9,720 BTC, worth roughly $650 million as of October 15.

    Arkham estimates that Tesla still holds 11,509 bitcoins across 68 addresses, reflecting a significant adjustment in its cryptocurrency strategy.

    Tesla’s past dealings with Bitcoin have been noteworthy. In early 2021, the company made headlines with a monumental $1.5 billion investment in the cryptocurrency, followed by the sale of $272 million worth of bitcoin in the first quarter of 2021, resulting in a profit of $128 million.

    By the second quarter of 2022, Tesla sold another $936 million in Bitcoin, garnering $64 million in gains as the market experienced volatility.

    Despite these transactions, the recent move to new addresses raises questions about Tesla’s future plans for its Bitcoin holdings. Industry speculation suggests that the company might be preparing for further sales, although no official statements have clarified the intent behind the recent transfer.

    As of now, Tesla remains the third-largest holder of Bitcoin among publicly traded companies, trailing behind MicroStrategy and Marathon Digital Holdings (MARA).

    Additionally, Musk’s other company, SpaceX, is estimated to hold around 8,285 bitcoins, further emphasizing the significant role cryptocurrency plays in the operations of Musk’s enterprises.

    Notably, Tesla continues to accept BTC payments for vehicle purchases, signalling its ongoing engagement with the cryptocurrency landscape.

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  • Genesis Trading prepares to return $3B to customers, transfers 32,256 BTC

    Genesis Trading prepares to return $3B to customers, transfers 32,256 BTC

    Genesis Trading prepares to return $3B to customers, transfers 32,256 BTC
    • Genesis transferred $2.12B in BTC and $838M in ETH as part of bankruptcy restructuring.
    • Genesis will return $3B to creditors, covering 77% of customer claims.
    • Digital Currency Group will not receive any payout from Genesis’s bankruptcy plan.

    Over the past three days, Genesis Trading has moved approximately 32,256 BTC, valued at around $2.12 billion, and 256,775 ETH, worth about $838 million, to various addresses.

    This substantial transfer of assets is seen as part of the company’s efforts to manage creditor repayments under its ongoing financial restructuring plan.

    Genesis Trading settlement plan has been approved

    The turmoil for Genesis began in November 2022 with the collapse of the FTX crypto exchange, which severely impacted the firm’s derivatives business.

    Genesis halted withdrawals and filed for Chapter 11 bankruptcy protection in January 2023 due to substantial losses linked to the FTX debacle and the failure of Three Arrows Capital.

    At that time, the company owed over $3.5 billion to its top creditors.

    Amidst this challenging backdrop, Genesis has recently reached a court-approved settlement plan, aimed at returning $3 billion to its customers. This plan will cover approximately 77% of the total value of customer claims.

    In the immediate aftermath of Genesis’s bankruptcy filing, claims were trading at only 35% of their value on claim trading platforms. However, current trading prices for claims are significantly higher, with claims over $10 million trading between 97-110% of their value and smaller claims trading between 74-94%.

    Digital Currency Group (DCG) to miss out on this settlement

    Digital Currency Group (DCG), the parent company of Genesis, will not benefit from this settlement. The court has ruled that there is insufficient value in Genesis’s estate to provide DCG any recovery as an equity holder.

    This decision was influenced by DCG’s failed attempt to cap customer claims at January 2023 cryptocurrency values, which would have allowed for full repayment to customers and potentially a recovery for DCG.

    Additionally, DCG had assumed $1.1 billion of Genesis’s debt from the Three Arrows Capital collapse, but this obligation did not cover the losses.

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  • German’s BKA transfers more Bitcoin to exchanges including Kraken and Bitstamp

    German’s BKA transfers more Bitcoin to exchanges including Kraken and Bitstamp

    German's BKA transfers more Bitcoin to exchanges including Kraken and Bitstamp
    • German Government transferred 250 Bitcoin worth approx. $15.4M to Kraken and Bitstamp on June 26.
    • The government has transferred a total of $150M in BTC to various addresses.
    • The German Government BTC transfers and Mt. Gox repayments pile pressure on Bitcoin price.

    The German Federal Criminal Police Office (BKA) has made additional Bitcoin transfers to different addresses, including Kraken and Bitstamp.

    These moves have sparked considerable market speculation and concerns about their potential impact on Bitcoin’s price.

    Recent Bitcoin transfers by the German Government

    On June 26, a wallet reportedly controlled by the BKA transferred 750 BTC, valued at $46.35 million, to different adresses, marking another instance of the German government engaging in Bitcoin transactions.

    These transfers are part of a larger series of activities following the seizure of 50,000 BTC from the film piracy site Movie2k in January.

    According to Lookonchain, the German authorities sent 250 BTC, worth $15.41 million, to both Bitstamp and Kraken. Additionally, they transferred 500 BTC, valued at $30.9 million, to an unidentified address labeled “139Po,” which is potentially another exchange.

    Today’s transfers come just a day after German authorities moved 400 BTC, valued at $24.3 million, to Coinbase and Kraken on June 25.

    This activity is part of a broader trend observed over the past week, with the German government transferring approximately $150 million worth of seized Bitcoin to known exchange addresses, in addition to $147 million sent to the “139Po” address.

    Despite these substantial transfers, the government still holds a significant amount of 45,609 BTC, valued at approximately $2.8 billion.

    Earlier in June, the German authorities received 310 BTC, worth $20.1 million, from Kraken and smaller amounts totaling 90 BTC, worth $5.5 million, from Robinhood, Bitstamp, and Coinbase.

    Potential impact on the crypto market

    The large movements of bitcoins by the German government have had a noticeable effect on the market.

    Notably, Bitcoin’s price has dropped about 6% during this period, reflecting market reactions to these substantial transfers.

    Analysts are concerned that the government’s liquidation of its seized Bitcoin might push Bitcoin’s price below the critical $60,000 threshold. Recent market trends support this view, as Bitcoin has experienced an 11% decrease on the monthly chart and over 6% on the weekly chart, with its price standing at $61,065 per coin at the time of writing.

    Market analyst Willy Woo suggests that Bitcoin might go through a correction phase lasting up to four weeks before resuming its price rally. He emphasizes the potential for a “cooling down” period in Bitcoin’s price action. Additionally, there might be further selling pressure in July as Mt. Gox plans to distribute repayments in Bitcoin and Bitcoin Cash to its creditors.

    With over $9.4 billion worth of Bitcoin owed to approximately 127,000 Mt. Gox creditors, who have been waiting for over a decade, this repayment could substantially impact Bitcoin’s price.

    The crypto community is closely monitoring these developments, particularly the sell-off pressure that might be triggered by the German government’s Bitcoin transfers and the upcoming Mt. Gox repayments.

    Both events could significantly influence the Bitcoin market dynamics in the coming months.

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  • Bitcoin blockchain saw $8.2 trillion in transfers in 2022

    Bitcoin blockchain saw $8.2 trillion in transfers in 2022

    • CoinMetrics data shows the Bitcoin blockchain registered over $8 trillion worth of transfers in 2022.
    • According to the data, the total amount transferred via the blockchain fell off in the second half of the year.
    • Bitcoin also saw an increase in blockchain size and hashrate, with 16% and 56% annual growth rates respectively.

    Bitcoin continues to fluctuate below $17,000 as the cryptocurrency market enters 2023 on the back of continuing uncertainty after a brutal 2022.

    But while prices fell massively throughout the year to see Bitcoin trade nearly 60% down over the past year, data shows the flagship cryptocurrency still saw decent on-chain value transfer.

    Over $8 trillion transferred via Bitcoin blockchain

    According to data recently shared by crypto and blockchain analytics platform CoinMetrics, 2022 saw over $8.2 trillion worth of value transferred via the Bitcoin blockchain. The transactions amounted to value worth $260,000 per second transferred on the network.

    James Lopp, the co-founder and CTO of crypto custody startup Casa, shared the statistic on Twitter.

    Per the data, the most value was transferred in the first half of the year, with the largest chunk of these seen in March to early May. The bear market and the contagion that followed the demise of Terra Luna and several crypto-focused companies marked the beginning of a downturn that persisted throughout the year.

    Blockchain grew 16%, hashrate 56%

    Meanwhile, the Bitcoin blockchain size increased from 383.3 GB to 446 GB, showing an annual growth rate of roughly 16.4%.

    The network hashrate also increased despite the bear market crash that pushed multiple miners into bankruptcy. Data on total network hashrate growth for 2022 showed a 56% jump, from 175 exahashes per second (EH/s) to 274 EH/s.

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