Tether has just made a bold move, withdrawing 8,888 BTC from the Bitfinex hot wallet. This brings its total Bitcoin holdings to a massive 92,647 BTC, making it one of the largest BTC holders in the world. But why is Tether stacking up so much Bitcoin?
With Bitcoin’s price constantly shifting and institutional interest on the rise, Tether’s moves could have a lasting impact on the market. Let’s dive in and break it all down.
A hot wallet is like a readily accessible bank account for an exchange, used for frequent transactions. At the time of withdrawal, the 8,888 BTC were worth about $735 million.
With this addition, Tether’s main Bitcoin reserve now holds 92,647 BTC. Since Bitcoin is currently priced at $82,990.57, Tether’s total BTC holdings are valued at around $7.69 billion.
Tether seems to have a long-term vision for Bitcoin. The company has already announced that it will use at least 15 percent of its profits to regularly buy more BTC. This strategy suggests that Tether believes in Bitcoin’s potential and is committed to accumulating more over time.
Tether’s growing BTC reserves could affect market liquidity. Over the past 30 days, Bitcoin’s price has dropped by 3.1 percent, including a 4 percent decline in the last seven days. However, in the past 24 hours, BTC has gained about 1 percent. The total Bitcoin trading volume in the last 24 hours stands at $28.08 billion, while Bitcoin’s On-Balance Volume (OBV) is -852.46K.
By consistently using 15% of its profits to buy Bitcoin, Tether is building a strong BTC reserve. As one of the largest Bitcoin holders, its investment strategy could have a major impact on the market, reinforcing institutional trust in Bitcoin’s future.
Tether is playing the long game with Bitcoin, and when billion-dollar bets are on the table, the ripple effects are impossible to ignore.
As per Coinpedia’s BTC price prediction, 1 BTC could peak at $169,046 this year if the bullish sentiment sustains.
With increased adoption, the price of 1 Bitcoin could reach a height of $610,646 in 2030.
As per our latest BTC price analysis, Bitcoin could reach a maximum price of $5,148,828.
By 2050, a single BTC price could go as high as $12,436,545.
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