According to Odaily Odaily, on-chain analyst Yu Jin reported that Tether, the issuer of USDT, withdrew 951 BTC (US$70.47 million) from Bitfinex's Bitcoin reserve address 15 minutes ago. This is likely the BTC they purchased in the first quarter of this year. The BTC stored in this wallet is the result of their purchases using 15% of the company's profits since 2023. They frequently withdraw BTC purchased in the previous quarter from Bitfinex a few days after the end of each quarter.
Currently, Tether's Bitcoin reserve addresses hold 97,141 BTC ($7.2 billion), making it the fifth largest BTC wallet. Based on the price at which they withdrew from Bitfinex, the average purchase price of these BTC was approximately $51,312, resulting in a current unrealized profit of $2.175 billion.
