Home > Blog > Cryptokits or Elon Musk and Tesla Sold their Bitcoins or Not

Whales are the largest inhabitants of the oceans, and the situation in the cryptocurrency sphere is no different. This term is applied to people or organizations that own the largest number of cryptocurrencies. Cryptokit (crypto whale) usually refers to wallets with more than 1000 BTC in one address. Interesting fact. It is believed that the creator of bitcoin, who hides under the pseudonym Satoshi Nakamoto owns about 1 million BTC. The actions of whales can often lead to various movements in the crypto market. Various high-profile news, big sales or purchases of bitcoin can easily lead to an increase or fall in the price of assets. However, this is not a mandatory rule. For example, not so long ago, Tesla sold about 75% of previously purchased bitcoins, as mentioned in its quarterly report. But this did not lead to large-scale sales. Join our Telegram channel to keep abreast of the main trends of the crypto market Source: Twitter In 2022, GlassNode analysts presented an unusual classification of bitcoin holders: A Humpback Whale (more than 5000 BTC). Whale (1000-5000 BTC). Shark (500-1000 BTC). Dolphin (100-500 BTC). Fish (50-100 BTC). Octopus (10-50 BTC). Crab (1-10 BTC). Shrimp (less than 1 BTC). If you try to grab onto every wave that Bitcoin whales create, you will spend a lot of time. For long-term investment, a specific plan is more important: Which crypto assets do you want to select? In what ratio? What will you do with the growth or correction of the crypto market? What profit are you ready to fix, etc.

Why Elon Musk and Tesla sold their bitcoins

Along with the popular version of the bitcoin sale for the sake of a favorable quarterly report, there are several other equally interesting options. For example, Tesla itself refers to the depreciation of cryptocurrencies. And Elon Musk himself during a conference call explained the massive sale of bitcoin by the need to increase liquidity against the background of anti-bullying restrictions in China. But is it that simple? According to one version, Elon Musk sold crypto assets to then buy them back at a low price, that is, there is absolute speculation. The goal of selling bitcoins is to earn even more money in the future. As we all understand, the market has its own indicators: when the “whales” openly get rid of bitcoin, this may indicate a decrease in confidence in the growth prospects of the coin. However, as time has shown, the market has practically not reacted to this news in any way. And besides, Tesla has not sold a single Dogecoin, for example. In the summer of 2022, the crypto market is experiencing the departure of investors (the forecast of the crypto market), who are massively shifting into protective assets, trying to protect capital from recession. The cryptocurrency market is very volatile and it is quite realistic that it may decline further before it starts to grow actively. You should not blindly start from the news and actions of other people by investing your funds in cryptocurrency, this is an area that needs to be approached wisely. But the prospects for long-term growth and development of the cryptocurrency market are obvious