Tether transferred over 200 BTC from its Bitcoin reserves to Bitfinex, sparking speculation of a sell-off.

CoinFeed reported on June 2nd that, according to Ember, Tether's BTC reserve address transferred 204.3 BTC to Bitfinex approximately 3 hours ago, equivalent to about $14.36 million at the current price. This address has been purchasing Bitcoin at 15% of the company's profits since 2023 and currently holds 96,936 BTC, with a market capitalization of approximately $6.72 billion, making it the fifth largest BTC wallet on the entire network. Based on the price at the time of withdrawal from Bitfinex, the average purchase price of this batch of BTC was approximately $51,312, and the current unrealized profit is approximately $1.75 billion.