Bitcoin (BTC), after weeks of stagnation, has seen a fresh surge in price, climbing from $64,900 to a 24-hour high of $67,692 before settling at $67,221.43. This marks a nearly 3% daily increase. Along with the price rise, Bitcoin’s network volume spiked by over 20%, reaching $49.10 billion. The latest price rally puts BTC just 8.9% away from its all-time high of $73,750.07, achieved seven months ago.
A key driver behind Bitcoin's price momentum could be Tesla’s recent significant activity in the BTC market. For the first time in two years, Tesla transferred its entire $760 million Bitcoin holdings from its public wallet. According to Arkham Intelligence, the company executed several large transactions, including transfers of $75.18 million, $76.08 million, and $77.16 million in Bitcoin. Two of these were directed to an anonymous wallet, while the third was sent to another unidentified address.
Tesla didn’t stop there; additional movements saw the transfer of $102.36 million in one transaction. By the end of the activity, Tesla had just $8.08 worth of Bitcoin left in its account. Despite this massive transfer, Tesla CEO Elon Musk has not commented on the reason behind these transactions, fueling speculation within the crypto community about the company’s next steps.
As Bitcoin approaches its all-time high, Tesla's stealthy BTC movements have added an extra layer of intrigue to the market, leaving many to wonder what’s next for the world’s leading cryptocurrency.
