Tether Buys the Dip With $97M Bitcoin Purchase

Tether has acquired 961 BTC worth $97.18 million, reinforcing its strategy of allocating 15% of net profits to Bitcoin amid recent market downturns. This brings Tether's total Bitcoin holdings to 87,296 BTC, valued at approximately $8.84 billion, with unrealized profits around $4.55 billion. The move signals Tether's commitment to Bitcoin, reflecting a broader market sentiment of reaccumulation among long-term investors. Experts suggest that while Tether’s purchases may appear opportunistic, they also indicate a strategic portfolio rebalancing. Bitcoin's price currently sits at $100,253, showing a 2.6% decline over 24 hours, following a period of significant liquidation. Analysts remain optimistic about Bitcoin's potential as a hard asset, mirroring concerns over fiat currency devaluation, and suggest that the current dip may be an accumulation phase for patient investors rather than a time for panic. The market outlook for Bitcoin remains contingent on macroeconomic factors and could see recovery if trading volumes stabilize.

Source 🔗