In an important move, Tether (USDT), one of the leading stablecoin issuers, withdrew 8888.88 Bitcoin (BTC) from the Bitfinex exchange today.
Tether (USDT) Withdrew 8888.88 Bitcoin (BTC) from Bitfinex Exchange
This massive withdrawal, worth approximately $379 million, put Tether among the top ten addresses holding Bitcoin. As of now, Tether has a significant Bitcoin reserve of 66,465.2 BTC with a market capitalization of $2.82 billion.
Tether made a remarkable transaction by withdrawing 8888.88 BTC from the Bitfinex exchange.
This positions Tether among the major players in the Bitcoin ecosystem, highlighting its role beyond stablecoin issuance.
Tether's entry into the top ten BTC holding addresses was combined with significant financial gains. The cost price of Bitcoin assets was reported as $25,176 per BTC.
This means a significant profit of $1.148 billion. This represents an impressive profit margin of 68%.
Tether, known for issuing stablecoins pegged to fiat currencies such as the US Dollar, has become an increasingly important player in the cryptocurrency market.
The latest move to withdraw a significant amount of Bitcoin underscores Tether's diversified holdings and strategic approach to managing digital assets.
*This is not investment advice.