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Tether Accumulates 7,629 BTC as USDT Supply Shrinks Amid Regulatory Pressure
December 31, 2024
In a surprising move, Tether has quietly amassed an impressive 7,629 Bitcoin (BTC) reserves, a stark contrast to its previous inactivity for nearly nine months. According to recent data, this sudden surge in Bitcoin accumulation has pushed the company’s overall holdings to a staggering 82,983 BTC.
It appears that the company is shifting its focus from inactivity to a more aggressive investment strategy, allocating substantial profits towards Bitcoin purchases. This latest development marks the third significant Bitcoin purchase by Tether this year alone. The first two instances took place earlier in the year when the company bought 8,888 BTC worth $379 million and then acquired an additional 8,888 BTC valued at $600 million.
Tether’s recent Bitcoin accumulation comes as a shock to many, considering its previous inactivity for nearly nine months. However, this sudden shift may be indicative of a broader strategy aimed at diversifying the company’s portfolio and preparing for potential market uncertainties.
Notably, Tether acquired these 7,629 BTC reserves amidst shrinking USDT supply levels. This development has sparked concerns regarding the impact of regulatory pressure on the decentralized finance (DeFi) sector. As the cryptocurrency market continues to evolve, it is essential to recognize the subtle yet significant shifts in the overall landscape.
The acquisition of such a substantial amount of Bitcoin underscores Tether’s commitment to adapting to the ever-changing regulatory environment and positioning itself for long-term success.
Source: cryptonewsland.com
