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For the first time since 2019, Bitcoin has outperformed Tesla's stock, marking a significant milestone as it becomes the ninth-largest asset globally. Despite Tesla's decline, Bitcoin soared 139% last year, bolstered by newly approved U.S. Bitcoin ETFs, attracting substantial investor interest and capital flow.
Bitcoin's Stellar Rise to Top Global Asset Outpaces Tesla with Record Gains and ETF Influence
According to TradingView data (via Cointelegraph), Bitcoin's price has increased by over 1,180% in the last five years, while Tesla's stock price has increased by more than 806% in the same period.
Looking at shorter time horizons, Bitcoin has outperformed TSLA, particularly over the last year. Bitcoin rose 139% last year, while Tesla's stock price dropped by more than 11%. Year-to-date, BTC is up 49%, while Tesla's stock price is down 42.
Bitcoin has had such a strong year that it is now the world's ninth-largest asset, with a market valuation of $1.3 trillion, surpassing Meta Platforms, Berkshire Hathaway, Visa, and JPMorgan Chase.
Tesla is the world's 21st largest asset, with a market valuation of $455 billion, according to Companiesmarketcap.
Tesla was one of the first publicly traded corporations to invest in Bitcoin in February 2021, when it purchased more than $1.5 billion in BTC, valued at roughly $36,000. However, Tesla sold approximately 10% of its assets in March 2021. The corporation sold nearly 75% of its Bitcoin reserves during the second quarter of 2022.
If Tesla had not sold, it would have generated more than $1.27 billion in profit or an 84% return on its initial investment at current prices. According to Arkham Intelligence, Tesla currently holds 11,509 BTC worth over $766 million with Coinbase Prime Custody.
According to Andrey Stoychev, head of prime brokerage at Nexo, approving ten spot Bitcoin exchange-traded funds (ETFs) in the United States was the primary reason for the BTC price's 60% increase this year. He informed Cointelegraph:
“U.S. spot Bitcoin ETFs’ role in elevating Bitcoin to a genuine asset class has been invaluable, with pleasing trading volumes and capital flows since launch.”
According to Dune, the ten Bitcoin ETFs have collective on-chain holdings of about 835,000 BTC, worth more than $55.1 billion.
Bitcoin's Resilient Market Behavior Suggests Potential Bottom as Key Holders Show Muted Selling Intent
Based on the profitability levels of significant BTC holders and technical chart patterns, the Bitcoin bottom may have arrived before the halving.
Institutional investors and Bitcoin exchange-traded fund (ETF) holders are barely ahead in unrealized profits, implying that this group will unlikely generate considerable selling pressure in the medium term. So, was the drop below $60,000 the local bottom for Bitcoin prices?
According to CryptoQuant statistics, Short-term Bitcoin whales, or investors holding at least 1,000 BTC for up to 155 days, have an unrealized profit of just 1.6% on their holdings.
According to Ki Young Ju, founder and CEO of CryptoQuant, the cohort of ancient whales that have held at least 1,000 BTC for more than 155 days has an unrealized profit of 223%. Ju noted in an April 19 X post:
“Not enough profit to end this cycle, imo [in my opinion].”
Unrealized profits for small miners are up 131%, while the cohort of large mining enterprises is up 81%. Despite the substantial unrealized profit, the five largest mining firms have not sold ahead of the Bitcoin halving.
Bitcoin sales by the top five mining organizations fell to a two-year low in the first quarter of 2024, with the five largest miners selling a total of about 2,000 BTC, according to a Bitwise study released on April 10.
Bitcoin price dipped below $60,000 on April 16 and April 19 before rising again toward $65,000. Some technical analysts forecast that the BTC price may have established a “double bottom” pattern.
Following this week's fall, important technical indicators have been reset from overbought levels. For example, Bitcoin's relative strength index (RSI) on the daily chart is 46, indicating that the asset's price is neutral, down from 76 on March 17, when Bitcoin was overextended.
The RSI is a common momentum indicator that determines whether an asset is oversold or overbought based on the size of recent price moves.
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