TLDR:
- Tether added 961 BTC worth $97 million from Bitfinex during the market decline.
- Its BTC wallet now holds 87,296 BTC worth $8.84 billion.
- JPMorgan raised Bitcoin’s fair value target to $170,000.
- Institutional confidence contrasts with retail market pessimism.
Tether reportedly increased its Bitcoin holdings by buying 961 BTC worth about $97 million during the recent market downturn.
The transaction was detected on-chain over two hours ago, according to data shared by @EmberCN. The wallet, which holds Bitcoin bought with 15% of Tether’s corporate profits since 2023, typically withdraws funds from Bitfinex only at the end of the quarter.
After this latest transfer, the wallet balance now stands at 87,296 BTC, valued at close to $8.84 billion.
The purchase follows Bitcoin’s recent correction phase, where traders expressed concern about the potential end of the cycle. But the move of Tether’s reserve wallet indicates continued institutional accumulation even as market sentiment weakens.
Based on strike prices, the average acquisition cost of Tether holdings is estimated to be approximately $49,121 per BTC. At current prices, the company’s unrealized profit amounts to about $4.55 billion.
Wall Street turns bullish as crypto Twitter fears persist
While Crypto Twitter has been flooded with bearish sentiment, mainstream finance seems to be taking a more positive view of Bitcoin.
As shared by @CryptosR_Us, JPMorgan recently raised its fair value estimate for Bitcoin to around $170,000 using its gold-based valuation model. The bank claimed that Bitcoin is steadily replacing gold as a safekeeping asset, absorbing almost 1.8 times more venture capital than gold.
This forecast suggests so Wall Street institutions view current Bitcoin levels as undervalued, as opposed to retail panic circulating online.
Analysts at JPMorgan estimate that a normalized market environment could lift BTC’s fair value toward that target within six to twelve months. The contrast between fear on social platforms and silent institutional accumulation underscores changing market dynamics.
Tether’s consistent quarterly Bitcoin purchases have established it as one of the largest corporate BTC holders globally, now in sixth place overall. The wallet’s activity often acts as a signal of long-term strategic confidence in Bitcoin’s trajectory.
If market conditions align with JPMorgan’s valuation outlook, Tether’s latest acquisition could significantly strengthen its balance sheet.
