- Tether transfers 8,889 BTC to its reserve.
- BTC holdings reach 96,370 BTC.
- Potential market impact on BTC liquidity.
Tether withdrew 8,889 BTC, valued at approximately $778.7 million, from Bitfinex to its reserve address, increasing its total Bitcoin holdings to 96,370 BTC, worth $8.46 billion.
The substantial Bitcoin withdrawal by Tether signals continued confidence in Bitcoin's stability and potential bullish effects on the cryptocurrency market, potentially influencing future liquidity dynamics.
Tether removed 8,889 BTC, valued at $778.7M, from Bitfinex to its reserve address. This move increased Tether's BTC holdings to a substantial 96,370 BTC, aligning with its ongoing reserve strategy.
The withdrawal was executed by Tether, involving the exchange platform Bitfinex. Analyst @lookonchain confirmed the action via on-chain monitoring.
"Tether withdrew another 8,889 $BTC ($778.7M) from #Bitfinex to its reserve address 5 hours ago. Tether now holds 96,370 $BTC ($8.46B) in total." This move reflects Tether's strategy to allocate 15% of profits to BTC reserves.
This activity impacted BTC market liquidity, creating the potential for bullish pressure on BTC's price. The reserve shift signifies a deliberate approach by Tether towards BTC accumulation.
Financially, this development strengthens Tether's reserve amid changing market dynamics. The lack of immediate impacts on other cryptocurrencies suggests Tether's focus remains on its BTC reserves.
The movement of such a large volume of BTC may affect market participants and their strategies.
Historical patterns reveal Tether's ongoing focus on BTC accumulation, aligning with its announced strategy from May 2023. This strategy of allocating profits towards BTC reserves provides insights into potential price stabilization practices.