In a significant move, Tether, the issuer of USDT, has withdrawn 7,628.9 BTC (approximately $705 million) from Bitfinex, according to on-chain analyst Yu Jin. This withdrawal is believed to be part of Tether’s quarterly Bitcoin purchase initiative.
Tether’s Bitcoin Purchase Initiative
In May 2023, Tether announced plans to allocate 15% of its profits to purchase Bitcoin, aiming to enhance its reserves. This recent withdrawal is likely a result of this initiative, which has contributed to Tether’s growing Bitcoin holdings.
Tether’s Bitcoin Holdings
As of the latest update, Tether holds a total of 82,983 BTC (valued at approximately $7.68 billion), making it the sixth largest BTC wallet address. The combined purchase cost of these Bitcoins is around $36,222, with a current floating profit of approximately $4.72 billion.
Disclaimer
This article is for informational purposes only and does not constitute investment advice.
Source: Panewslab.com
The post Tether Withdraws $705 Million in Bitcoin from Bitfinex appeared first on CoinBuzzFeed.
