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Rumors Of MicroStrategy Selling Bitcoin Grow With Tesla’s Disclosure

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Bitcoin and the cryptocurrency market have been losing momentum over the past 24 hours following the relief rally. Yesterday, the car maker Tesla, led by Elon Musk, announced that it had sold 75% of its BTC holdings to convert them into fiat currency.

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This added fuel to the speculation about other large BTC holders bringing their assets to the market. MicroStrategy and its CEO Michael Saylor have been the focus of much of this speculation.

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Over the past week, the third richest Bitcoin address, identified as 1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ, transferred 29,200 BTC to exchange platforms. Crypto users believe that this is a MicroStrategy BTC address.

Therefore, they assume that the software company sent its BTC to the Coinbase crypto exchange. Over the past week, 132,800 BTC has been transferred from this address to this platform, which is roughly the same as the amount owned by the company led by Sailor.

BTC price is moving sideways on the 4-hour chart. Source: BTCUSDT TradingView

Did Tesla cause a domino effect when selling bitcoin?

Research firm Jarvis Labs interrogated rumors that the address most likely belongs to a “lead trader”. The wallet has been accumulating bitcoins since January 2019.

MicroStrategy and Saylor reported that their first BTC purchase took place in 2020. The software company is a public company in the US and must be transparent about its treasury strategy or risk legal repercussions.

Jarvis Labs highlighted the difficulty of marking BTC addresses and denied the rumors with the following statement:

Wallet labels are an incredibly complex and delicate topic. Because in most cases they lack confirmation from the interested party. So take this noise with a grain of salt. Relax, it hasn’t sold yet, even assuming it’s Sailor’s MSTR wallet.

Saylor responds to rumors about his bitcoin holdings

CryptoQuant CEO Ki Yong Joo has stated that rumors of a wallet dumping their bitcoins on the market are “FUD”. The chief executive said the transactions associated with the 1P5Z address are part of an internal transfer.

In this sense, Yang Ju said that BTC could have been sent to a cold or custodial wallet potentially owned by the Gemini crypto exchange. Young Joo said:

For the record, “1FzW…” has closer ties to hot wallets like “1NYA…” and “bc1quq…” and is not Coinbase or OKx. These are Gemini hot wallets. Many data providers on the web mislabel them. See this tweet for more details.

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Responding to all these rumors and speculation, Sailor tweeted two emoji representing “diamond hands.” The CEO has stated in the past that their plans are to hold bitcoin “forever”, dismissing any idea of ​​dumping their BTC.

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