Tether Buys the Dip With $97M Bitcoin Purchase

Tether has made a substantial purchase of 961 BTC worth $97.18 million during a recent market downturn, reflecting its policy to allocate 15% of net profits to Bitcoin. This acquisition brings Tether’s total Bitcoin holdings to 87,296 BTC, valued at approximately $8.84 billion, with unrealized profits of around $4.55 billion. Expert analysis suggests this purchase may indicate confidence in Bitcoin's long-term value, although some point to potential portfolio rebalancing due to falling Bitcoin prices and rising gold values. While Bitcoin trades at $100,253, down 2.6% in the past 24 hours, market analysts see this as a time for disciplined, patient investing, rather than panic. Market sentiment is mixed, with some predicting potential declines in Bitcoin’s price in the near term. Overall, Tether's action signals institutional behavior typical during periods of liquidity stress, suggesting a continued strategy to diversify towards hard assets amidst economic uncertainties.

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