Tesla's holding address has changed, BTC testing resistance level at $68,000

Original author: BitpushNews

On Tuesday, the encryption market rose, at which time Tesla’s holdings of Bitcoin were almost entirely transferred after two years of silence.

According to Arkham Intelligence data, around 21:30 UTC on October 15th, batches of BTC (11,509 coins) associated with TSL were transferred to multiple unknown Wallets, with a total value of approximately 765 million US dollars. This seems to be the company’s remaining BTC reserves.

According to previous reports, in the first quarter of 2021, after BTCpump to nearly $62,000, TSL sold BTC worth $272 million, making a profit of $128 million. The company also sold BTC worth $936 million in the second quarter of 2022, bringing in $64 million in revenue.

The latest transfer destination is still unclear. Some analysts believe that TSL may just be strategically reshuffling, while others believe that these transfers may indicate potential sales or the reintroduction of Bitcoin as a payment method for their electric vehicles.

According to the BitcoinTreasuries data, TSL is the fourth largest Bitcoin holder among US listed companies. The top three are software company MicroStrategy, BTCMining company MARA Holdings, and Riot Platforms.

According to Bitpush data, on Tuesday morning, the price of BTC oscillated upwards, once soaring to a high of $67,960, the highest since July 29. It then quickly fell to $64,787, and rose again to over $67,000 after midday. The next key resistance level is $68,000. At the time of writing, the trading price of BTC is $66,760, with a 24-hour increase of 0.68%.

Most of the altcoins ranked in the top 200 by Market Cap on the same day experienced losses. Storj (STORJ) led the pump with a 22.1% increase, Scroll (SCR) pumped 13.7%, and Metis (METIS) pumped 9.9%. Saga (SAGA) experienced the largest drop, down 11.5%, while Mog Coin (MOG) dropped 10.7% and Sui (SUI) dropped 9.4%. The current overall cryptocurrency Market Cap is $23 trillion, with BTC’s dominance at 57.5%.

In terms of the US stock market, the S&P, Dow Jones and Nasdaq indexes were mostly in losses during trading days, with closing drops of 0.76%, 0.75% and 1.01%, respectively.

BTC has reached a record level of unclosed position contracts, driven by institutional investors

Data shows that the number of unclosed BTC contracts has reached a record level, and Polymarket’s market sentiment believes that the probability of BTC reaching a new high in 2024 is 64%, an increase of 9% from last week. Analysts at Secure Digital Markets said that this is mainly driven by institutional investors, and the weighted funding Interest Rate of unclosed contracts is currently at a multi-month high, reflecting a bullish outlook in the short to medium term.

In addition, SpotBTC ETF has attracted a total of $810 million in two trading days, with large inflows from Fidelity and ARK. Meanwhile, Ethereum attracted a capital inflow of $17 million yesterday, mainly contributed by BlackRock’s products.

JPMorgan analyst bullish

JPMorgan analyst Nikolaos Panigirtzoglou’s alternative investment outlook and strategic report emphasizes the bullish momentum of BTC, as led by the managing director.

Analysts say, “Overall, we are optimistic about digital assets in 2025,” and pointed out several factors driving their outlook, including the emergence of “depreciation trading,” which is an investor turning to alternative asset classes (such as gold and Bitcoin) for hedging against economic instability.

Analysts point out that as geopolitical tensions escalate and the upcoming US election dominates the headlines, speculative institutional investors such as hedge funds may view gold and Bitcoin as beneficiaries of this trend.

A public opinion survey shows that the possibility of Trump winning is increasing. Analysts say that tariffs related to geopolitical tensions and expansionary fiscal policies (also known as debt devaluation) may further weaken the US dollar, strengthening the devaluation trade.

Other Favourable Information factors include traditional wealth advisors such as Morgan Stanley allowing clients to invest in SpotBTC ETF, Mt.Gox and Genesis creditors ceasing massive liquidation of BTC, as well as cash to be paid out soon after FTX’s bankruptcy, which analysts say may be reinvested in the market.

Analysts also emphasized that the Market Cap of Stable Coins is approaching the previous peak of around 180 billion US dollars (the level before the 2022 Terra/Luna collapse). It is very likely that the US Stable Coin legislation will appear at some point in 2025, and once finally implemented, adoption rates are expected to increase, making Stable Coins even more mainstream.

Ledn’s Chief Investment Officer, John Glover, analyzed on the X platform that the price of BTC has “broken through the parallel channel (flag pattern, lower blue line).”

John Glover said, “Usually, for safety reasons, I would look for a situation where the Closing Price is higher or lower than the trendline breakout point for two consecutive days. So, although it’s not time to go all-in yet, this breakout may indicate the next pump, retesting the high point of $73,000. Please be patient and wait for confirmation of the Closing Price, as we need to stay above $65,000. But from a technical perspective, the trend of BTC looks positive.”