Tether made a large purchase to increase its Bitcoin reserves.

Tether made a notable move in the cryptocurrency market by withdrawing 961 Bitcoin from Bitfinex. This transaction revealed that the company follows a strategy similar to its typical purchases made at the end of each quarter. According to data from the crypto analysis platform EmberCN, Tether's Bitcoin reserve wallet executed a withdrawal of 961 Bitcoin worth approximately 97.18 million dollars. This wallet has been housing Bitcoin purchases made from 15% of Tether's profits since 2023, and after this transaction, the total amount of Bitcoin in the wallet reached 87,296 BTC (approximately 8.84 billion dollars).

When examining Tether’s past purchase prices, it is observed that the average cost was around 49,121 dollars, leading to an unrealized profit of approximately 4.55 billion dollars. The company had decided to regularly convert 15% of its profits into Bitcoin throughout 2023. In its most recent transaction, it drew attention by withdrawing 8,888 Bitcoin (approximately 1 billion dollars) from Bitfinex at the end of September.

This latest transfer was recorded as Tether's first major Bitcoin movement made outside of its usual end-of-quarter purchases. Experts assess that this move was executed within the framework of "buy the dip" strategy during a period when Bitcoin prices were declining. This situation serves as an indication of Tether’s confidence in its long-term Bitcoin strategy.

For investors, these developments provide crucial insights regarding the potential impact of Tether’s upcoming Bitcoin purchases on the market and the company's strategic orientation. Tether's buying moves may define critical levels that investors should pay attention to, and they could also have an effect on the overall state of the cryptocurrency market.