On-chain analyst Ember detected that Tether's Bitcoin reserve address transferred 204.3 BTC to Bitfinex on the morning of June 2 (Beijing time). The transferred amount is worth roughly $14.3 million at current prices, representing only a tiny fraction (about 0.21%) of the address’s 96,936 BTC holdings, indicating a routine fund movement. The address has been accumulating Bitcoin since 2023, using 15% of Tether’s quarterly profits to regularly buy BTC.
As of now, the address holds a total value of approximately $6.72 billion, ranking fifth among all Bitcoin wallets globally and marking a significant institutional position. Historical data shows that the average cost of BTC withdrawals from Bitfinex for this address is $51,312; at current prices, that translates to an unrealized profit of about $1.75 billion—a notable return.
Tether, the issuer of the world’s largest stablecoin, has its Bitcoin reserve movements closely watched by the market. The exact purpose of this small transfer to Bitfinex remains unclear, but it likely relates to routine exchange fund management or operational adjustments, reflecting the company’s long-term commitment to Bitcoin alongside occasional repositioning. Tether has yet to issue an official statement on the transaction.