The 7th Largest Whale Withdraws Massive Amount of BTC from Exchange

The withdrawal of $627 million worth of Bitcoin from Bitfinex has fueled speculation about transaction links with USDT Tether's issuer.

Azcnews

A significant cryptocurrency transaction made waves in the crypto market on April 1st, as a wealthy Bitcoin address executed a substantial withdrawal from Bitfinex, totaling 8,889 BTC, equivalent to a staggering $627 million. This event attracted considerable attention to the activities surrounding this mysterious address.

There have been speculations suggesting that the origin of this substantial transfer might be linked to Tether, one of the prominent issuers of the USDT stablecoin. Tether’s investment trend in Bitcoin is not unfamiliar, with thousands of BTC being acquired in previous transactions. This latest move only adds to the amount of Bitcoin they hold, currently estimated at 75,354 BTC, equivalent to a substantial $5.22 billion.

The decision to convert profits into Bitcoin instead of traditional assets such as US government bonds appears to be part of Tether’s long-term strategy, reflecting the perspective of CEO Paolo Ardoino. He hinted at an ambitious quarterly investment plan, allocating up to 15% of the company’s profits for Bitcoin purchases.

Tether’s positive stance in the market is further emphasized by recent statements regarding record profit expectations in the first quarter of 2024. With a massive market capitalization of $105 billion, Tether’s dominance in the stablecoin sector is undeniable.

Related: LMAX CEO Foresees Bitcoin Trading in Six Figures

Not content with merely accumulating cryptocurrencies, the company is also making significant strides in other areas, including substantial investments in artificial intelligence and active participation in impactful initiatives, positioning itself as a major player in the global financial landscape.

4.0/5

(2 votes)

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest

How To Receive Notcoin (not) On Bingx

Airdrops | Editor Choice

How to Receive Notcoin (NOT) on BingX

The cryptocurrency exchange BingX is excited to announce the listing of Notcoin (NOT) on its platform. In celebration of this listing, BingX is launching a Notcoin rewards program with a massive total prize pool of 2,500,500 NOT.

Azcnews Bitcoin Drops To $65,000 Despite Positive Indicators

News | Bitcoin | Editor Choice

Bitcoin Drops to $65,000 Despite Positive Indicators

Bitcoin's price has dropped nearly 5% over the past seven days. Most metrics and market indicators suggest that this downward trend is likely to continue.

Guide To Participate In The Beacon Airdrop

Editor Choice | Airdrops

Guide to Participate in The Beacon Airdrop

The Beacon is a fantasy-themed roguelite role-playing game developed on Arbitrum. The Beacon has confirmed that it will conduct an airdrop for the community through various missions. Join the AZCNews team in participating in The Beacon Airdrop today!

Guide To Participate In Zksync Bystarter And Earn Zk Tokens On Bybit

Airdrops | Editor Choice

Guide to Participate in ZKsync ByStarter and Earn ZK Tokens on Bybit

Join the zkSync ByStarter event on Bybit for a chance to win ZK Tokens, with a total prize pool of up to 14.7 million ZK Tokens.

Azcnews Pepe Poised To Surge As Buy Signals Emerge

News | Altcoin | Editor Choice

Pepe Poised to Surge as Buy Signals Emerge

Pepe's price has started to climb following news of the potential approval of an Ethereum ETF by the end of summer. Strong buy signals have emerged, potentially driving Pepe up by over 63%.