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News - How much Bitcoin does Tether own?
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11-08-20231 min read
How much Bitcoin does Tether own?
Bitcoin (BTC)
Tether (ERC-20) (USDT)
Stablecoin
The information provided by Tether about how much Bitcoin they actually own is not accurate, according to Bitcoin blockchain analysts.
Tether and its cryptodeposits: the discussions just won't stop. In comparing corporate data and Bitcoin wallets, on-chain analysts have discovered some inaccuracies.
In its latest quarterly report, Tether claimed to own about $1.6 billion in Bitcoin. In the ranking of largest Bitcoin investors, they are said to rank 11th worldwide in this regard. On-Chain analyst Tom Wan then shared details of a bitcoin address that would match Tether's claims.
1/ .@Tether_to BTC balance increased by $176M compared to last q
— Tom Wan (@tomwanhh) August 4, 2023
- Using the price as of 30 Jun, it is estimated that they hold ~55,022 BTC
- Last Q, I mentioned the below address could belong to Tether:
bc1qjasf9z3h7w3jspkhtgatgpyvvzgpa2wwd2lr0eh5tx44reyn2k7sfc27a4 pic.twitter.com/90DGmqQvLS
However, according to Cryptoquant, this wallet does not match the description in the quarterly report. Therefore, according to the analysis company, Tether's claims could be false. However, Cryptoquant also does not rule out the possibility that the listing of wallets is misleading. "We must be careful with this approach and the interpretation of the results".
1-3/ Can we verify @Tether_to being the 11th largest #Bitcoin holder with the on-chain data?
— CryptoQuant.com (@cryptoquant_com) August 10, 2023
4-6/ What is the blind spot of on-chain data when monitoring #Whales' behavior?
Let's BUST this week's FUDs with our on-chain data.
Thread🧵
Cryptoquant continues "so for example, is there a possibility that the labels of wallets on exchanges may be overlooked and classified as wales, even though they may actually be internal wallets of Tether".
