Arkham: Tesla should still hold $780 million in BTC

Arkham said in a post on X that it believes that Tesla's transfer of BTC last week was an internal wallet transfer. At that time, Tesla transferred 11,509 BTC ($776.9 million) to 7 new wallets, each holding 1100-2109.3 BTC. All holding wallets received test transactions, and all wallets except one held integer BTC. There is speculation that this is a transfer to a custodian, such as obtaining a loan with Bitcoin as collateral. Earlier news, CryptoQuant community analyst Maartunn said that he speculated that Tesla may transfer BTC for the following reasons: 1. Compliance or internal audit: Tesla may transfer Bitcoin to fulfill accounting or legal obligations related to reporting or internal audits; 2. Wallet management: Tesla may use multiple wallets for operational purposes, but this situation seems unlikely; 3. Reorganization of funds: part of the strategy to reorganize Bitcoin holdings to cope with future sales or loans. It is reported that the relevant Bitcoin has not yet been transferred to the exchange wallet and there is no sign of sale.