Bitcoin Reserves Surge as Tether Acquires More

Tether, the company behind the stablecoin USDT, recently acquired 8,888 Bitcoin worth $618 million. This purchase brings Tether’s Bitcoin holdings to a total of 75,354 BTC, which is valued at $5.2 billion. The acquisition was made during a period of increased institutional interest in Bitcoin, sparked by the approval of Bitcoin exchange-traded funds and the upcoming Bitcoin halving. Tether is now the seventh-largest Bitcoin holder globally.

Currently, Binance’s cold wallet holds the largest amount of Bitcoin, with over 248,597 BTC valued at $17.31 billion. In order to diversify the backing assets of the stablecoin, Tether has announced its plans to invest 15% of its net profit into Bitcoin. This move aims to further support the stablecoin’s value.

In addition to Tether’s Bitcoin acquisition, USDT reached a milestone market cap of $100 billion on March 4. This represents a 9% growth year-to-date. The strong performance of Bitcoin also suggests that the pre-halving correction may be coming to an end. Despite experiencing the largest quarterly options expiry event on March 29, Bitcoin has remained above the $69,000 support line since March 25.

According to crypto analyst Rekt Capital, this is a positive sign as Bitcoin has surpassed its previous all-time high and may be positioning itself for the post-halving phase. Basile Maire, co-founder of D8X decentralized exchange and former UBS executive, cautioned that the halving is still not fully priced into the market.

Notably, Bitcoin has closed seven consecutive monthly green candles for the first time in history, indicating its sustained bullish trend. These developments highlight the increasing institutional interest in Bitcoin and the potential for further growth in the cryptocurrency market.