Just yesterday (depending on your timezone) we have had a blockbuster news that Tesla sold 75% of their remaining BTC holdings at an average price of 32k, worth about $1b. 32k was just barely below their average buying price of ~34k. Meaning that they basically directly sold once their turned red on it. But now looking at it I'm happy that this happened.
Tesla is not really a company that is keen to have amazing investments, they are no capital manager or so. They are a car/tech company and that buy in 2021 seemed like a casual hype generator for them and more of Elon Musk having fun with the markets. If they were not capable of holding Bitcoin through like -10% then they don't deserve to have it all. Also it's another institution less for Crypto.
And even better it is how the markets reacted on that news. On the day tesla actually sold markets probably dumbed depending on how much they sold at once or not. But today as the news got out the market barely reacted to it, I mean tesla selling their holding was seen as a black swan event by many but we just went from 23k to 22k.
This shows that most people have come to not follow what big companies are doing, thankfully, but also that most hype investors that just bought on some tweets have already left the markets.
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