Key Points

• Tether acquired 8,888 Bitcoin (BTC) for $618 million, boosting their holdings to 75,354 BTC.
• Bitcoin's correction before the halving may have concluded, trading at over $69,000.

Tether, the entity behind the stablecoin Tether (USDT), recently purchased 8,888 Bitcoin (BTC), totaling $618 million, on March 31.

Tether's Bitcoin Holdings

Following this acquisition, Tether's Bitcoin wallet now contains 75,354 BTC, acquired at an average price of $30,305, equaling approximately $5.2 billion in total value. Reports show the wallet has surged by more than 128%, with an unrealized profit of $2.94 billion.

The purchase took place amidst a rise in institutional engagement with Bitcoin, driven by the authorization of US-based spot Bitcoin exchange-traded funds and the upcoming Bitcoin halving, intending to slash block supply issuance in half within 19 days.

Bitcoin's Market Performance

After the purchase, Tether became the seventh-largest Bitcoin holder globally, with Binance's cold wallet topping the list, harboring over 248,597 Bitcoin valued at $17.31 billion. Tether revealed intentions to allocate 15% of its net profit to invest in Bitcoin for diversifying the stablecoin's asset backing.

On March 4, Tether's USDT saw a record $100 billion market cap, marking a 9% year-to-date growth. Despite this, Bitcoin's value dipped 1.23% during the 24-hour period leading up to 8:45 am UTC, settling at $69,523. Nevertheless, Bitcoin has maintained a trading position above the $69,000 support mark since March 25.

As per crypto analyst Rekt Capital, there are suggestions that Bitcoin's pre-halving correction could be complete, notably after surpassing its previous all-time high of $69,000 and making it a strong support level. This historic instance signifies Bitcoin's new all-time high appearance before the halving event. While showing robust price actions, Basile Maire, D8X decentralized exchange's co-founder, believes that the halving still isn't fully reflected in Bitcoin's value.

For the first time, Bitcoin closed seven consecutive green monthly candles, marking a notable milestone in its trading history.