$Tesla Motors(TSLA)$Today, investors are celebrating TSLA stock averting a potential negative catalyst. But while they do, it is important to keep in the mind the effect of Tesla selling off so much Bitcoin. Elon Musk has long been a vocal supporter of the crypto. In July 2021, he stated, “I might pump, but I don’t dump … I don’t believe in getting the price high and selling, and I would like to see Bitcoin succeed.”

Tesla reminded investors of its commitment to the crypto during its Q1 earnings report. “We believe in the long-term potential of digital assets both as an investment and also as a liquid alternative to cash,” it said. Shortly thereafter, Musk tweeted he would not be selling his crypto holdings.

This doesn’t mean that Musk has necessarily walked back his pro-crypto stances. But it does mean he saw an opportunity to help stop TSLA stock from falling at a critical moment. While Bitcoin has shed 37% of its value over the past six months as crypto markets plunged, it has risen more than 8% over the past week. Selling its BTC holding while the coin was on the rise made a lot of sense for Tesla, as it led to a more positive earnings report, keeping investors satisfied.