The recent Bitcoin transfer is linked to Tether reserves and has raised new doubts about selling pressure. These concerns come as the cryptocurrency market has failed to regain momentum with the price of Bitcoin falling to $68,000 today.
Tether sends some bitcoin to Bitfinex
Arkham Intelligence The data shows that a wallet connected to Tether’s bitcoin reserve transferred 204.3 bitcoins, equivalent to about $14.36 million. This cache was thrown to Crypto exchange Bitfinex.
The transfer from the main Tether wallet to the exchange immediately sparked fears of a sell-off. For context, the move comes from a Bitcoin reserve address that Tether has been replenishing since 2023 at 15% of the company’s profits.
The wallet contains approximately 96,936 bitcoins, worth about $6.7 billion today. It represents one of the largest known corporate Bitcoin holdings. Along these lines, earlier, the USDT stablecoin issuer Tether bought over $70 million BTC in April 2026.
The amount transferred represents only a small amount of Tether’s total holdings, but it created a huge buzz in the market. As the price of BTC continues to weaken, investors are sensitive to the movements of major Bitcoin holders.
As of the time of writing, there is no evidence that Tether is planning to sell the Bitcoin transferred to Bitfinex. Large traders often swap assets between exchanges and wallets, whether for trading, storage or liquidity reasons. However, the timing of the move heightened bearish sentiment among traders already suffering from a difficult market environment.
Why is the price of BTC collapsing?
Bitcoin is down 4.08% to $68,927.11 at the time of writing on Tuesday, June 2. Bitcoin price A slide below the key level of $70,000 led to bearish sentiment in the market.
Before the Tether move, the market experienced another massive BTC move. Defunct Jebel Gox Stock Exchange Transformation Huge amount of BTC on Tuesday.
According to existing data Encryption toolsMt.Gox made the largest single on-chain trade in months worth 10,422.65 BTC, worth about $739 million at the time.
The majority of the funds went to a new wallet while a smaller amount went to an internal address. This deal comes before the deadline set for October 31, 2026 to pay creditors’ installments.
Additionally, sustained outflows of Bitcoin ETFs have risen to around $3.5 billion in the past 10 sessions. There is also uncertainty surrounding US-Iranian peace negotiations It has affected the crypto market.
