
Bitcoin price is up and expected to rise further due to potential ETF approval, attracting big buyers like Tether.
Tether bought 8,888 Bitcoin for $379 million, increasing their holdings to $2.82 billion at a 68% profit.
Bitcoin ETF approval would benefit the whole cryptocurrency market, not just Bitcoin.
As we step into 2024, a standout event in the world of cryptocurrency has caught many by surprise. Tether, a prominent figure in crypto, has made a substantial purchase, acquiring 8,888.88 Bitcoin, valued at an impressive $379 million.
Bitcoin’s Recent Surge
This significant move comes at a time when the cryptocurrency market is enjoying a bullish phase. Bitcoin’s recent climb in value, averaging at $42,640 per Bitcoin, is hard to ignore. Industry experts like Michael Sylor, who holds 174,530 Bitcoins, believe we’re on the cusp of seeing Bitcoin surpass its previous record high.
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Many attribute this growing interest in Bitcoin to the potential approval of a Bitcoin ETF. If approved, experts anticipate a considerable boost in Bitcoin’s value. Gabor Gurbacs, an adviser at VanEck, emphasizes that the ETF’s approval would benefit not just Bitcoin but the broader cryptocurrency market. He recently elaborated on this topic in a tweet, highlighting the potential positive impacts.
Identifying the Buyer: Tether’s Move
BitInfoCharts has revealed that Tether is behind this significant purchase. With today’s acquisition, Bitfinex, where the Bitcoin was withdrawn from, now stands as one of the top ten Bitcoin holders. Tether’s total Bitcoin holdings have risen to 66,465.2 BTC, valued at $2.82 billion. The acquisition’s average cost stands at $25,176, reflecting a notable profit of $1.148 billion, marking a 68% increase.
Read More: Tetherโs Bold Leap: $1 Billion USDT Minted for Future Crypto Demands
Looking forward
In the year 2024, Bitcoin’s journey towards broader acceptance continues to be a focal point. Given the recent acquisitions and industry trends, many anticipate further notable developments soon.