Elon Musk's Next Crypto Move: Does He Own Cutoshi?

Elon Musk, the CEO of Tesla and SpaceX, has been a significant figure in the cryptocurrency space since the 2020-2021 crypto cycle. His company, Tesla, is the sixth-largest corporate holder of Bitcoin (BTC), with over 9,720 BTC, according to Bitcoin Treasuries. Musk's support for Dogecoin, a meme coin, has earned him the nickname "Dogefather." Given his interest in memes and cryptocurrencies, it raises the question: Does Elon Musk own Cutoshi (CUTO), another meme coin that blends Bitcoin philosophy with meme vibes?

Bitcoin (BTC) is currently trading at $104K after a 2% intraday decrease. Analyst Kevin Svenson believes that Bitcoin could potentially rise to $142K based on historical halving cycle trends. He notes that Bitcoin typically enters a bullish phase around 40 weeks post-halving, aligning with the current market timing. Svenson identifies key price targets at $124K, $134K, and $142K, suggesting a possible 35% upside if the bullish scenario unfolds. Meanwhile, Bitcoin's short-term price structure also suggests further upside, as the daily RSI is sitting at 57 points, indicating sustained buying activity that could push the price higher.

Institutional entities are increasingly active in the Bitcoin market. On Jan. 30, Bitcoin ETFs saw $588.22 million in net inflows, with BlackRock's IBIT and Fidelity's FBTC leading the charge. Total Bitcoin ETF inflows have now surpassed $40 billion, with these funds managing over $123 billion in assets, representing nearly 6% of Bitcoin's circulating supply.

Bitwise has submitted an S-1 filing to the SEC to introduce a Dogecoin (DOGE) ETF shortly after registering a DOGE trust in Delaware. With shifting SEC leadership under President Trump and increasing acceptance of crypto ETFs, the chances of a Dogecoin ETF gaining approval appear to be improving. Polygon's prediction platform, Polymarket, currently places the odds of a Dogecoin ETF approval at 50%, up from 27% earlier in January, indicating growing confidence among participants.