Key Points

• Tether has recently acquired 8,889 more Bitcoin before the upcoming halving event.
• The price of Bitcoin has risen to around $70k, indicating a 4% increase in the last week, making Tether's latest Bitcoin purchase valued at approximately $620 million.

Tether, the issuer of USDT, has been actively purchasing Bitcoin in anticipation of the approaching halving. Their recent purchase of 8,889 BTC has raised their total Bitcoin reserves to over 75,000 BTC, equivalent to more than $5.3 billion.

Over the past year, Tether has significantly increased its Bitcoin holdings, with the company disclosing its BTC reserves in the first quarter of 2023. They have confirmed that they invest up to 15% of their corporate profits, generated from excess Tether stablecoin reserves, into Bitcoin. Tether CEO Paulo Ardoino has explained their strategy of investing in Bitcoin, citing its strength and potential as an investment asset.

Bitcoin is in the lead-up to the halving event scheduled for Friday, April 19. At the time of writing, BTC is trading slightly below $70k on CoinMarketCap.

As investors prepare for the halving event, expected to lead to price fluctuations, previous halvings caused volatility indices to surpass 9% for Bitcoin.

Bitcoin Optimistic Predictions

Recent optimistic predictions about Bitcoin forecasts a potential injection of $1 trillion in Bitcoin through the ETFs in anticipation of institutional investments. Bitwise CIO, Matt Hougan, anticipates significant growth in BTC investments via ETFs.

In a weekly investor note, Matt Hougan projected that institutions are likely to invest over $1 trillion in Bitcoin through ETFs in the next year. Moreover, BlackRock's Larry Fink highlighted the unprecedented growth of the spot BTC ETF, labeling it as the fastest-growing ETF.