Techub News reports that, according to Ashes monitoring, the address marked as the USDT issuer Tether withdrew 7,628.9 bitcoins from Bitfinex 40 minutes ago, worth approximately $705 million.

Ashes states that these should be the bitcoins purchased by Tether this quarter. Tether announced in May 2023 that it would regularly use 15% of its company profits to purchase bitcoins to enhance its reserves. Currently, this address holds a total of 82,983 bitcoins, making it the sixth largest bitcoin wallet address, with an average purchase cost of approximately $36,222, resulting in an unrealized profit of up to $4.72 billion.