Tether Secures Position as Bitcoin’s 10th Biggest Holder with Strategic Profit Move of $1.1 Billion
Tether, a prominent player in the world of digital currencies, has made a significant move by withdrawing 8888.88 BTC from Bitfinex. This action has solidified Tether’s position as the tenth-largest holder of Bitcoin and has increased its crypto reserves to an impressive 66,465.2 BTC, which is valued at $2.82 billion.
In addition to bolstering its Bitcoin holdings, this strategic decision has also resulted in a substantial profit of $1.148 billion, showcasing Tether’s expertise in cryptocurrency investments with a remarkable 68% increase.
Taking a closer look at Tether’s Bitcoin holdings, the company currently holds a substantial balance of 66,465.20163714 BTC, equivalent to $2,804,831,509.09 USD. Since its inception, Tether has received a total of 301,113.333137623 BTC and has spent 237,648.12973909 BTC, demonstrating a well-managed and expanding cryptocurrency portfolio.
On December 31, 2023, at 6:51 PM UTC, Tether executed a calculated withdrawal of 8888.88888888 BTC from Bitfinex. This move highlights Tether’s strategic approach to managing its crypto assets and maximizing its financial gains.
When reviewing Tether’s transaction history in 2023, several significant moves stand out. For example, on September 30, 2023, Tether received 2,554.11494241 BTC. Earlier in the year, on March 30, 2023, Tether engaged in transactions involving 6,000 BTC, 4,000 BTC, and 5,915.83526731 BTC. These transactions seem to align with fluctuations in Bitcoin prices, suggesting a deliberate investment strategy.
Analyzing Bitcoin’s price movements following Tether’s major transactions provides valuable insights. On December 31, 2023, Bitcoin was priced at 42,281.79 USDT. In contrast, on September 30, 2023, the price stood at 26,973.51 USDT, rising to 28,006.58 USDT by October 1. Furthermore, in March 2023, after Tether’s transactions, Bitcoin’s price demonstrated resilience, increasing from 28,018.32 USDT on March 30 to 28,464.42 USDT on March 31.
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