Welcome back to Chain Reaction.
Last week, we looked at a crossover episode for meme investing. This week, we’re talking about Musk dumping tokens while holding onto others.
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A weekly dispatch from the desk of TechCrunch crypto editor Lucas Matney:
Elon Musk shared that Tesla sold some Bitcoin this week. Well, to be fair they sold an awful lot of Bitcoin … tens of thousands of coins.
And while Tesla’s announcement last year that they were buying Bitcoin sent prices to the moon, the disclosure Wednesday that they sold 75% of their Bitcoin reserves in Q2 didn’t drastically impact the crypto market, which has been on a tear this week with BTC prices pumping and Ethereum shooting even higher (though still wildly below prices from a couple months ago).