Tether, a major player in the crypto space, which is recognized for its fiat-backed stablecoins,  has recently made a significant move involving the leading cryptocurrency, Bitcoin.

This is coming as the continued craze around BRC-20 tokens is still very much in play. Many traders and investors are making arguments on the potential return of a new bull run this year, 2024, coupled with the potential Bitcoin spot ETF approval.

Notably, in recent reports, Tether has withdrawn 8888.88 BTC, which is approximately $379 million, from Bitfinex. This has now propelled its BTC holdings to the tenth-largest address. So, Tether now holds an impressive 66,465.2 BTC, which is valued at $2.82 billion at current Bitcoin’s market price. 

Tether withdrew 8888.88 BTC (approximately $379 million) from Bitfinex today, becoming the tenth largest BTC holding address. Tether currently holds 66465.2 BTC ($2.82 billion), with a cost price of $25,176, and a profit of $1.148 billion (+68%).https://t.co/drWvq8Xsfy

— Wu Blockchain (@WuBlockchain) January 1, 2024

Of course, this recent maneuver secures Tether’s position among the top ten BTC holding addresses. Also, it has translated into substantial financial gains as well. By acquiring the BTC at a cost price of $25,176, Tether has  now generally garnered a remarkable profit of $1.148 billion. Notably, this reflects an impressive 68% increase in value.

Furthermore, in parallel dialogue, Cryptoslam’s recent report has also highlighted a notable achievement in non-fungible tokens (NFTs) on the Bitcoin blockchain. December 2023 has significantly seen massive NFT sales on the Bitcoin chain reaching an unprecedented $881,223,753.92 high. Of course, this sets a new record for the highest single-month sales. 

Cryptoslam shows that NFT sales on the Bitcoin chain reached $881,223,753.92 in December 2023, setting the highest single-month sales record to date, including 111,713 buyer addresses and 98,744 seller addresses, both setting the highest single-month records to date.…

— Wu Blockchain (@WuBlockchain) January 1, 2024

Of course, this accomplishment coincides with a surge in both buyer and seller activity. Notably, there are 111,713 buyer addresses and 98,744 seller addresses, which establishes a new record for single-month participation.

The convergence of Tether’s substantial BTC holdings and the remarkable surge in Bitcoin NFT sales emphasizes the further diverse nature of the cryptocurrency market. Finally, Investors, enthusiasts, and industry observers are closely monitoring these developments as they navigate the evolving landscape of digital assets of NFTs.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: prima91/123RF // Image Effects by Colorcinch

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