Analysis: Tether's BTC reserve address is the sixth largest BTC wallet
Jinse Finance reported that, according to on-chain analyst Ember’s monitoring, on the last day of Q3, Tether withdrew 8,888.8 BTC (1 billion USD) from a certain exchange to their BTC reserve address. This may be the BTC they purchased during Q2 and Q3 (April to September): Since Tether announced in May 2023 that it would regularly use 15% of company profits to purchase bitcoin for reserves, the last time they withdrew BTC was on the last day of Q1. Currently, their BTC reserve address holds 86,335 BTC (9.75 billions USD), making it the sixth largest BTC wallet. Calculated at the price when they withdrew from the exchange, the average purchase price of these BTC is about 48,542 USD, which means they are currently sitting on an unrealized profit of as much as 5.5 billions USD.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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