Key Points
- Tether purchased 8,888 Bitcoin (BTC) for $618 million, increasing their holdings to 75,354 BTC.
- Bitcoin’s pre-halving correction may have ended as it trades above $69,000.
Tether, the organization behind the Tether (USDT) stablecoin, recently added 8,888 Bitcoin (BTC) to its portfolio. This purchase, valued at $618 million, took place on March 31.
Tether’s Bitcoin Holdings
As a result of this acquisition, Tether’s Bitcoin wallet now contains 75,354 BTC. These were purchased at an average price of $30,305, bringing the total value to approximately $5.2 billion. According to on-chain data, the wallet’s value has increased by over 128%, with an unrealized profit of $2.94 billion.
The acquisition occurred amidst a surge of institutional interest in Bitcoin. This interest was driven by the approval of US-based spot Bitcoin exchange-traded funds and the upcoming Bitcoin halving, which will cut the block supply issuance in half in 19 days.
Bitcoin’s Market Performance
Following the acquisition, Tether became the seventh-largest Bitcoin holder worldwide. The largest Bitcoin holder is Binance‘s cold wallet, which holds over 248,597 Bitcoin valued at $17.31 billion. Tether announced plans to invest 15% of its net profit into Bitcoin to diversify the stablecoin’s backing assets.
Tether’s USDT reached a record $100 billion market cap on March 4, reflecting a 9% year-to-date growth. Meanwhile, Bitcoin’s price fell 1.23% in the 24 hours leading up to 8:45 am UTC to trade at $69,523. Despite this, Bitcoin has been trading above the $69,000 support line since March 25.
According to crypto analyst Rekt Capital, Bitcoin’s pre-halving correction could be over since it flipped its old all-time high of $69,000 into support. For the first time in the cryptocurrency’s history, Bitcoin reached a new all-time high before the halving event. Despite its strong price action, the halving is still not priced in to “full extent,” according to Basile Maire, co-founder of D8X decentralized exchange.
Bitcoin has made history by closing seven monthly green candles in a row for the first time.
