According to Huoxing Finance, on-chain analyst Yu Jin has monitored that USDT issuer Tether ( Tether ) withdrew 8,888.8 BTC ( worth 1 billion USD ) from Bitfinex to its BTC reserve address. This may be the BTC purchased in the second and third quarters: Tether announced in May 2023 that it would regularly use 15% of its profits to purchase Bitcoin for reserves, with the last BTC withdrawal being on the last day of the first quarter. Currently, the relevant BTC reserve address holds 86,335 BTC ( worth 975 million USD ), making it the sixth largest BTC wallet. Based on the price at the time of withdrawal from Bitfinex, the average purchase price of these BTC is approximately 48,542 USD, with unrealized gains reaching 5.5 billion USD.
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