According to on-chain analyst Ember (@EmberCN), Tether's Bitcoin reserve wallet transferred 204.3 BTC — worth approximately $14.36 million — to Bitfinex about three hours ago. This address serves as the primary vehicle for Tether's ongoing Bitcoin accumulation.
Since 2023, the address has been systematically purchasing Bitcoin using 15% of the company's net profits. It now holds 96,936 BTC, with a total market value of roughly $6.72 billion, making it the fifth-largest Bitcoin wallet by holdings.
The average purchase price for this BTC, calculated based on the price when the coins were withdrawn from Bitfinex, stands at approximately $51,312. The current unrealized profit on these holdings is estimated at $1.75 billion, reflecting the significant price appreciation since accumulation began.