Tether Crowned 10th Largest Bitcoin Holder With Strategic $1.1 Billion Profit Play - CryptoInfoNet

Tether Crowned 10th Largest Bitcoin Holder With Strategic $1.1 Billion Profit Play – CryptoInfoNet

Time Stamp: January 1, 2024 7:57 AM
Source Node: 2423119

Tether, key player in the digital currency landscape, has made a significant move, withdrawing 8888.88 BTC from Bitfinex. This action solidifies its position as the tenth-largest Bitcoin holder and boosts its crypto reserves to 66,465.2 BTC, worth an impressive $2.82 billion.

Additionally, this strategic decision has resulted in a substantial profit of $1.148 billion, marking a 68% increase and showcasing Tether’s expertise in crypto investments.

A Detailed Look at Tether’s Bitcoin Holdings

Currently, Tether holds a substantial balance of 66,465.20163714 BTC, equivalent to $2,804,831,509.09 USD. Since its inception, Tether has received 301,113.333137623 BTC and spent 237,648.12973909 BTC, indicating a well-managed and expanding cryptocurrency portfolio.

On December 31, 2023, at 6:51 PM UTC, Tether executed a calculated withdrawal of 8888.88888888 BTC from Bitfinex. This move underscores Tether’s strategic approach to managing its crypto assets and optimizing its financial gains.

Read More: Tether Joins the Bullish Charge with $379 Million Bitcoin Purchase

Reviewing Tether’s Crypto Transactions in 2023

A review of Tether’s 2023 transaction history reveals several significant moves. For instance, on September 30, 2023, Tether received 2,554.11494241 BTC. Earlier, on March 30, 2023, Tether engaged in transactions involving 6,000 BTC, 4,000 BTC, and 5,915.83526731 BTC. These transactions appear to align with fluctuations in Bitcoin prices, suggesting a deliberate investment strategy.

Examining Bitcoin’s price movements following Tether’s major transactions offers valuable insights. On December 31, 2023, Bitcoin was priced at 42,281.79 USDT. In contrast, on September 30, 2023, the price stood at 26,973.51 USDT, rising to 28,006.58 USDT by October 1. Furthermore, in March 2023, after Tether’s transactions, Bitcoin’s price demonstrated resilience, increasing from 28,018.32 USDT on March 30 to 28,464.42 USDT on March 31.

Also Read: Tether Tightens Sanctions, Partners with US Regulators to Fight Crypto Crime

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