Baris ERKAYA

In the second quarter 2022 financial statements announced by Musk’s Tesla company, the total market value of nearly 43,000 Bitcoins in the company’s portfolio at the end of 2021 was at the $1.990 million level to date. . In the June 30, 2022 balance sheet announced by Tesla, it was learned that 75% of the total Bitcoin assets had been sold. The account is simple, in this case Tesla still has 10 thousand 750 Bitcoins. And their total market value is $252 million at today’s prices. It is stated that Tesla’s money from total Bitcoin sales is $936 million. In this case, Tesla turned its Bitcoins into cash at an average of 29 thousand dollars 23. With the news, selling pressure began again in Bitcoin, which tried to force 24 thousand. Immediately a statement came from Elon Musk: “The reason for our selling is the uncertainty regarding the Covid measures in China. We have maximized our cash position. Musk added that he may again increase his position in Bitcoin in the future and that they have not made any sales from the Dogecoin wallet.

A whale’s logbook

Each sentence of the explanations stinks of speculation, even manipulation. Let’s take a look at the movements of a Musk-style whale in the BTC wallet from late 2021 to today, with actual numbers, although we don’t know the address of Elon Musk’s hot wallet clearly ( you can see it on the graph above). The Bitcoin whale wallet address is bc1q4jchcr- 7nla277su5lpjzttxp3xg5j8wds5lcwg. SELL FOR MORE THAN CHEAP This wallet had 19,976 BTC as of December 31, 2021, with a market value of $919 million (at a rate of $46,000 BTC). This wallet, which sold 75% of the BTC in its wallet over the next 13 days, took in $625 million. Then he increased his wallet by 2.4 times from the average cost of $37,000. It happened in 8 days. And the money he spent there was only $284 million. Let’s write down the money he kept in his account, $341 million. The same whale started selling again, this time selling half of its portfolio. It happened in 5 days. The amount he collected is $238 million. This process thus continued continuously. Dozens of aggressive trades took place every day. To sum up, this bitcoin whale reduced his wallet from 8000 bitcoins to 952 bitcoins over the period February-March, when bitcoin went from 34 thousand dollars to 44 thousand dollars. Then, before $46,000 ran out, he increased it to 25,000 Bitcoins. Before BTC fell below $20,000, it fell to 4 Bitcoins. Today he has 28,000 Bitcoins again. With over $1 billion in cash on the side, this whale has more than its original wallet for $229 million less.

Beware of Musk’s manipulations!

What does this number mean? Although the presence of people like Elon Musk (as in our whale example) in the cryptocurrency market is beneficial for individual investors in terms of depth and institutional acceptance of Bitcoin, the manipulation causes much greater losses. important in the example of Twitter, as we saw in the recent Bitcoin declines. We have seen many times that Musk actually changed his position long before his statements. Is there a guarantee that Tesla’s bitcoin wallet won’t go back to its previous level at $19,000 today? It’s also possible for Musk to delete a rocket emoji that will create anticipation in Bitcoin from his Twitter account in a few weeks. This will be an indication that Musk has already recovered his BTC position. So be very, very careful with Musk-style manipulations. Meanwhile, Binance CEO CZ’s statement that Tesla’s $1 billion in BTC, which has reached $100 billion in daily trading volume, is a drop in the ocean, is a mistake. complete. We must not forget that it is very important at what stage of the market the billion dollars goes on sale. If Bitcoin comes in when it’s struggling to stay below $21,000, then that $1 billion is the direct cause of a FUD crash to $18,000.

#Manipulation #Signals #Bitcoin

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