10th Largest Bitcoin Holder’s Massive $379 Million Shopping Spree

Key Points:

  • The 10th largest Bitcoin holder has made a major purchase of Bitcoin worth $379 million.
  • The purchase was made at an average price of $42,640 per Bitcoin, indicating continued demand for the digital asset.

The 10th largest Bitcoin holder has surprised the market with a significant purchase of 8,888.88 Bitcoin worth $379 million. This purchase comes at a time when the cryptocurrency market is experiencing a bullish trend and Bitcoin’s price has been on the rise. The average price for the purchase was $42,640 per Bitcoin, indicating strong demand for the digital asset.

The purchase interest in Bitcoin may be due to several reasons, including the anticipation of Bitcoin ETF approval. Once approved, the price of Bitcoin is expected to rise even further. Gabor Gurbacs, an adviser to VanEck, mentioned on Twitter that the approval of a Bitcoin ETF would benefit not only Bitcoin but also the cryptocurrency market as a whole.

The buyer of this large Bitcoin purchase has been revealed to be Tether, the popular stablecoin issuer. Tether withdrew 8,888.88 BTC from the Bitfinex platform, making it the tenth-largest Bitcoin holder. Tether now holds a total of 66,465.2 BTC, with a cost price of $25,176 and a profit of $1.148 billion.

This major purchase indicates that Bitcoin will continue to gain mainstream acceptance in 2024. It is likely that we will see more large-scale purchases like this in the future as the demand for Bitcoin increases.