On-chain analyst EmberCN said a Tether reserve wallet used for allocating 15% of quarterly profits to Bitcoin sent 4 BTC to Binance in a test transaction about five hours ago, worth roughly $250,000. The same address had moved 204.3 BTC to Bitfinex a month earlier, a transfer valued at about $14.36 million when Bitcoin was trading near $70,000. EmberCN also noted that Tether had previously transferred newly purchased BTC on-chain to the reserve address on the last day of each quarter. With more than 10 days having passed since the end of the second quarter, no new BTC has yet appeared in that reserve wallet, raising questions over whether the company’s Q2 buying activity has paused or simply has not shown up on-chain so far. The observation was shared via an X post cited by Foresight.
On-chain analyst EmberCN said a Tether reserve wallet used to allocate 15% of the company’s quarterly profits to Bitcoin sent 4 BTC to Binance in a test transfer about five hours ago. The amount was worth about $250,000.
According to EmberCN, the same address moved 204.3 BTC to Bitfinex a month ago. That transfer was valued at about $14.36 million, with Bitcoin priced near $70,000 at the time.
No new Q2 BTC transfer has appeared on-chain
EmberCN said Tether had previously moved BTC purchased during the quarter on-chain to the reserve address on the last day of each quarter. More than 10 days have passed since the second quarter ended, but no new coins have been seen entering that reserve wallet so far.
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