Tether’s Strategic BTC Withdrawal Propels Them to 10th Largest Holder Status, Records Staggering 68% Profit

The post Tether’s Strategic BTC Withdrawal Propels Them to 10th Largest Holder Status, Records Staggering 68% Profit appeared first on Coinpedia Fintech News

In a move reflecting Tether’s increasing dominance in the crypto space, the stablecoin giant withdraws a substantial 8888.88 BTC from Bitfinex, solidifying its position as the tenth largest BTC holder. Tether’s crypto reserves now stand at an impressive 66,465.2 BTC, valued at $2.82 billion. The strategic withdrawal and remarkable profit of $1.148 billion, a notable 68% gain, highlight Tether’s prowess in the volatile world of cryptocurrency investments.

Tether’s BTC Holdings Surge: A Closer Look

Tether’s Bitcoin address currently boasts a balance of 66,465.20163714 BTC, equivalent to a staggering $2,804,831,509.09 USD. Their total received BTC is 301,113.333137623 BTC, with 237,648.12973909 BTC spent, showcasing a well-managed and growing cryptocurrency portfolio.

Strategic Withdrawal Signals Tether’s Strength 

The latest transaction data reveals that on December 31, 2023, Tether withdrew 8888.88888888 BTC from Bitfinex at 6:51 PM UTC. This move, carefully timed to maximise profits, underscores Tether’s strategic approach to managing its cryptocurrency portfolio. 

Tether’s Year of Noteworthy Transactions 

A glance at Tether’s transaction history in 2023 unveils significant moves. Notably, on September 30, 2023, Tether received 2,554.11494241 BTC, and on March 30, 2023, it made substantial transactions of 6,000 BTC, 4,000 BTC, and 5,915.83526731 BTC. These transactions coincide with fluctuations in Bitcoin prices, suggesting a nuanced investment strategy.

Decoding Bitcoin Price Movements Against USDT Post Tether’s Transactions 

Analysing Bitcoin’s price fluctuations against Tether on and after Tether’s major transactions provides insights. On December 31, 2023, the BTC price marked 42,281.79 USDT. On September 30, 2023, Bitcoin was valued at 26,973.51 USDT, jumping to 28,006,58 USDT on October 1. In March 2023, after Tether’s significant transactions, BTC prices showed resilience, going from 28,018.32 USDT on March 30 to 28,464.42 USDT on March 31.

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