- Tether bought 8,888 BTC on December 31, 2023
- USDT dominance has increased by 5% since the beginning of the year
Stablecoin publisher Tether purchased another 8,888 Bitcoins [BTC] towards the end of the last quarter. According to data from BitInfoChartsAn address associated with the entity shows that it currently holds 66,465 BTC, worth $2.8 billion at the coin’s press-time price of $41,451 per BTC.
Source: BitInfoCharts
In addition, a Dune Analytics dashboard discovered that this address is the eleventh largest holder of the major coin, after Binance, Bitfinex, the US government and other unidentified addresses.
Data from BitInfoCharts also showed that Tether began acquiring BTC on September 30, 2022. Since then, it has completed more than 35 transactions to purchase the king coin. Its largest purchase to date took place in March 2023, when it acquired 15,915 BTC. Its last purchase for the year took place on December 31, when it acquired 8,888 BTC.
By May 2023, the stablecoin issuer had done just that announced its intention to regularly spend up to 15% of its net realized operating profit on the purchase of BTC. At the time, Tether claimed this would help diversify reserves backing its USDT coin.
Increase in supply at trade fairs
During the general market rally between October and December 2023, there was a rally in the supply of USDT on the exchanges of the coin’s top 10 addresses. When USDT sees a rally in exchange rates, it often signals the presence of more potential buyers for cryptocurrencies. This played out in the fourth quarter of 2023, when increased demand for crypto assets pushed their values to multi-month highs.
Source: Santiment
Conversely, a rise in the USDT exchange rate can also indicate an increase in selling pressure. According to data from Glass junctionOn a 90-day moving average basis, USDT exchange balances have increased by 4% since the beginning of the year.
Source: Glassnode
An evaluation of Bitcoin [BTC] price since the beginning of the year also highlighted a decline of 3% since the beginning of the year.
With a circulating supply of 95 billion USDT at the time of writing, USDT continues to dominate the stablecoin vertical of the crypto world. A review of the dominance chart showed that it is up 5% since the beginning of the year. This week alone, USDT’s dominance has grown by 9%.
Source: TradingView
