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

Tether's BTC reserve address transferred 204.3 BTC to Bitfinex approximately 3 hours ago, worth about $14.36 million at the current price. Since 2023, this address has been purchasing Bitcoin with 15% of the company's profits. It currently holds 96,936 BTC, valued at approximately $6.72 billion, making it the fifth-largest BTC wallet on the network. Based on the price at the time of withdrawal from Bitfinex, the average purchase price for this batch of BTC was approximately $51,312, with a current unrealized profit of about $1.75 billion.