In a recent Twitter thread, Arcane Research analyst Vetle Lunde revealed how many Bitcoin institutional investors had sold since Terra’s carnage kicked in, thus tanking the whole crypto market. In his estimate, Tesla sold 29,060 BTC at an average price of $32,209 in May.
Since then, the contagion has spread quickly across the industry and deepened the selling pressure, leading to 236,237 BTC being sold by large institutions. Lunde noted that “the number does not account for other natural capitulation and hedging activity that usually occurs during crypto bear markets.” Amidst markets going sour, publicly traded miners were pressured to offload their Bitcoin holdings, selling a total of 4,456 BTC in the month. In the meantime, Tesla sold 75% of its BTC holdings, which could be translated to 29,060 BTC.