Elon Musk's Tesla Moves $760 Million in Bitcoin

Elon Musk's Tesla Moves $760 Million in Bitcoin

Tesla has moved all of its 11,509 Bitcoins worth around $760 million to new addresses, marking the company’s first significant Bitcoin transaction since 2022. According to Arkham Research, this could represent Tesla’s entire remaining Bitcoin treasury, which had previously been reduced from 43,000 BTC to 9,720 BTC after major sales in 2021 and 2022.

Speculation is mounting as to whether Tesla is preparing for another sell-off ahead of its Q3 financial results, set for release on Oct. 23. The transfers included six test transactions before transferring the larger sums. Tesla’s decision to move these funds after two years of inactivity could signal upcoming major financial actions related to its crypto holdings. Musk hasn't commented yet.

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Bitcoin ETFs See $556M in Inflows, Highest Since June

Spot Bitcoin ETFs in the US recorded their largest net inflows since June, totaling $555.9 million on Monday, according to SoSoValue. Fidelity’s FBTC led the charge, bringing in $239.25 million, followed by Bitwise’s BITB with $100 million. BlackRock’s IBIT, the largest Bitcoin ETF by assets, saw $79.5 million in inflows, with Ark & 21Shares’ ARKB close behind.

Total trading volume across these ETFs exceeded $2.61 billion on Monday, the highest since August 23, with BlackRock's IBIT handling $1.67 billion of that volume. The cumulative net inflows for all Bitcoin ETFs since their January launch now stand at an impressive $19.36 billion, reflecting strong and sustained investor interest in these products.

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Blockstream Secures $210M to Scale Bitcoin Layer 2

Bitcoin infrastructure firm Blockstream has raised $210 million via a convertible note round led by Fulgur Ventures to accelerate the development of its Layer 2 technologies and expand its mining business. Blockstream’s Layer 2 solutions, such as the Liquid Network and Core Lightning, aim to enhance Bitcoin transactions by enabling faster and cheaper processes.

The firm also revealed that over $1.8 billion worth of assets have been issued on the Liquid Network to date, including tokenized bonds, securities, and stablecoins. The capital will also be used to grow its Bitcoin treasury in anticipation of the next market cycle, with the company further positioning itself for broader tokenization opportunities.

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Kraken Expands ETH Restaking Access with New Feature

Kraken has launched a new feature allowing customers to restake their already-staked ETH on Ethereum through the decentralized finance protocol EigenLayer. This restaking process provides additional yield opportunities by using already staked ETH for securing various decentralized platforms. Staked, Kraken's subsidiary, will act as the validator for these restaked tokens.

The total value locked in restaking tokens has surged by more than 3000% this year, reaching roughly $11 billion, according to DefiLlama, led by EigenLayer and Symbiotic. Kraken’s feature aims to lower barriers to entry for investors, with Mark Greenberg, Kraken’s global head of asset growth, noting that it opens up new yield-bearing opportunities for clients.

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Data of the Day

Base, developed by Coinbase, has overtaken Arbitrum to become the largest Ethereum Layer 2 rollup by total value locked, reaching $2.49 billion across 366 protocols. Base’s rise to the top is largely due to Aerodrome, its decentralized exchange, which accounts for over $1.3 billion of its TVL.

The milestone places Base among the top five blockchains overall, just behind major Layer 1s like Ethereum and Solana. With daily active addresses nearing 1.5 million, Base also leads in user activity among Layer 2 rollups.

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More Breaking News

• Grayscale filed with the SEC to convert its mixed-crypto fund, which includes Bitcoin, Ethereum, and Solana, into an exchange-traded fund.
• Stripe’s Pay with Crypto product launched using Paxos' platform, supporting instant conversions between USD, PYUSD, USDC, and USDP for payments.
• World Liberty Financial sold 610 million WLFI tokens in its public sale, raising $9.15 million with Donald Trump as its chief crypto advocate.
• Since the EU’s MiCA regulations, Circle’s EURC and Societe Generale’s EURCV now hold 67% of the euro-stablecoin market, according to Kaiko Research.
• Praxis secured $525 million to build a city focused on crypto, AI, energy, and biotech, with investors like Worldcoin co-founder Max Novendstern.
• Ripple named Uphold, Bitstamp, and other exchanges as partners for its upcoming RLUSD stablecoin launch, with B2C2 and Keyrock supporting liquidity.

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