Tether Buys 8,888 Bitcoin For $618 Million, But Why Is Price Down?
2024年4月2日 - 10:00PM
NEWSBTC
On-chain data shows that the world’s largest stablecoin issuer,
Tether, recently added more Bitcoin to its holdings. The magnitude
of the purchase has caused the crypto community to speculate on why
Bitcoin’s price has dipped instead when such a development is
usually bullish for the crypto token. Tether Acquires 8,888
BTC Data from the blockchain analysis platform Arkham Intelligence
shows that Tether acquired 8,888 Bitcoin on March 31, and the
stablecoin issuer now holds almost 75,400 BTC. With its BTC
holding, Tether now ranks as one of the largest Bitcoin holders,
even having more BTC than some of the most prominent crypto
exchanges and Spot Bitcoin ETF issuers. Last year, the stablecoin
issuer announced its plan to regularly purchase Bitcoin for its
stablecoin reserves using part of the profits realized from its
operations. Therefore, it is no surprise that the company has been
able to acquire this amount of BTC since then, especially with the
success they have attained recently. However, what is
surprising is that Bitcoin has since dropped below $70,000
following this development. Usually, a Bitcoin purchase of such
size should positively impact Bitcoin’s price and not cause a price
dip like the one currently experienced. However, there is reason to
believe other factors have overshadowed Tether’s purchase and
caused Bitcoin to see such a sharp correction. Why The
Bitcoin Price Is Down Crypto trading firm QCP Capital recently
provided insights into why Bitcoin’s price broke below $70,000 and
dropped to as low as $66,000. The firm claimed that the sharp move
to the downside was due to the “large liquidations on retail-heavy
exchanges like Binance, which saw perp funding rates go from as
high as 77% to flat.” Related Reading: Shiba Inu Dips Below
$0.00003 Again – Can Bulls Reverse The Bullish Momentum? The Spot
Bitcoin ETFs, specifically Grayscale’s GBTC, also look to have
contributed to Bitcoin’s decline as Grayscale continues to
experience significant outflows from its fund. On April 1, GBTC saw
an outflow of $302.6 million, mainly contributing to the combined
net outflows of $85.7 million recorded by these Bitcoin ETFs.This
has brought about more selling pressure on Bitcoin, which is
currently overwhelming the buying pressure in the ecosystem.
Activity in the derivatives market has also played a part in the
bearish market sentiment, with the bears looking firmly in control.
Data from Coinglass shows that $409 million has been liquidated
from the market in the last 24 hours, with $328 million in long
positions being wiped out during this period. At the time of
writing, Bitcoin is trading at around $66,500, down over 4% in the
last 24 hours, according to data from CoinMarketCap. BTC price
falls to $65,000 | Source: BTCUSD on Tradingview.com Featured image
from CFA Institute Blog, chart from Tradingview.com
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