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Tether Moves 951 BTC (US$70.47M) Off Bitfinex

Tether, the issuer of USDT, has withdrawn 951 BTC worth about US$70.47 million from Bitfinex, on-chain analyst Yujin said. The coins are believed to be part of Bitcoin accumulated in the first quarter. Tether has been building a BTC position since 2023 using 15% of its profits and typically transfers BTC bought in the prior quarter off Bitfinex within days after quarter-end. Tether's Bitcoin reserve address now holds 97,141 BTC, valued at roughly US$7.2 billion, ranking as the fifth-largest BTC wallet. Based on the Bitfinex withdrawal price, the average cost of the holdings is around US$51,312 per BTC, implying unrealized gains of about US$2.175 billion.
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