Tether just bought a big amount of Bitcoin. Crypto Patel reported via X that Tether actually acquired 8,888 BTC worth $735M, about 10 hours ago.
Tether has been buying Bitcoin for its reserves since early 2023. Each purchase seems to affect Bitcoin’s price. In early 2023, Tether bought 8,888 BTC for the first time. Bitcoin’s price went up 2.5% in just one hour after this news came out.
By the end of 2023, Tether bought another $380 million of Bitcoin. This pushed their total Bitcoin holdings to about $2.8 billion.
On March 31, 2024, Tether got about 8,889 BTC from a Bitfinex wallet. This Bitcoin was worth about $618 million. After this buy, Tether owned around 75,354 BTC. This made them the seventh-largest Bitcoin holder in the world.
🚨 BREAKING : Tether just bought 8,888 BTC worth $735M, about 7 hours ago!#Tether now hold a total of ~92,646 BTC valued at $7.68 BILLION! 😳
— Crypto Patel (@CryptoPatel) April 1, 2025
Wallet Address: bc1qjasf9z3h7w3jspkhtgatgpyvvzgpa2wwd2lr0eh5tx44reyn2k7sfc27a4
Is this the start of the next Bitcoin rally?#Bitcoin… pic.twitter.com/v3AdGwo1s9
What you'll learn 👉
Market Effects
In January 2025, Tether bought $780 million more in Bitcoin. Their holdings grew to 83,759 BTC, worth about $7.75 billion with Bitcoin trading near $92,500.
When Tether buys Bitcoin, prices often go up. The March 2024 purchase led to a 2.5% price jump within an hour. The January 2025 buy came before Bitcoin rose to $109,000.
Tether keeps buying Bitcoin to add to its reserves. As a major stablecoin issuer, what Tether does with its money matters to the market. Traders watch their moves closely for hints about where the market might go next.
Read also: Traders, Be Aware! Here Are 3 Altcoins to Avoid As Crypto Prices Dip
Is This the Start of the Next Bitcoin Rally?
Bitcoin is now trading around $83,000, down from its recent high of $109,000. Market sentiment has been lukewarm lately, to say the least.
But Tether’s massive 8,888 BTC purchase worth $735 million might signal something important. As one of the biggest players in the crypto space, Tether tends to make strategic moves with its reserves.
Why would Tether buy such a large amount now? They might see value at current prices that retail traders are missing. Large institutional buyers often accumulate during periods of market uncertainty.
Tether has shown good timing with their Bitcoin purchases in the past. Their March 2024 buy came right before a significant price movement, and their January 2025 acquisition preceded Bitcoin’s run to $109,000.
While no one can predict market movements with certainty, Tether’s continued investment in Bitcoin despite the recent price correction suggests they maintain a bullish long-term outlook. However, short-term price action could still go either way as the broader market finds its footing.
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