TLDR:
- Tether added 961 BTC worth $97M from Bitfinex during the market dip.
- Its BTC wallet now holds 87,296 BTC valued at $8.84B.
- JPMorgan lifted Bitcoin’s fair value target to $170,000.
- Institutional confidence contrasts with retail market pessimism.
Tether reportedly increased its Bitcoin holdings by purchasing 961 BTC worth about $97 million during the latest market downturn.
The transaction was detected on-chain over two hours ago, according to data shared by @EmberCN. The wallet, which holds Bitcoin bought with 15% of Tether’s company profits since 2023, typically withdraws funds from Bitfinex only at quarter-end.
Following this latest transfer, the wallet’s balance now stands at 87,296 BTC, valued near $8.84 billion.
The purchase follows Bitcoin’s recent correction phase, where traders expressed concern over the potential end of the cycle. However, the move by Tether’s reserve wallet indicates continued institutional accumulation even as market sentiment weakens.
Based on withdrawal prices, the average acquisition cost for Tether’s holdings is estimated around $49,121 per BTC. At current prices, the company’s unrealized profit totals roughly $4.55 billion.
Wall Street Turns Bullish as Crypto Twitter Fears Persist
While Crypto Twitter has been flooded with bearish sentiment, traditional finance appears to be adopting a more positive outlook on Bitcoin.
As shared by @CryptosR_Us, JPMorgan recently raised its fair value estimate for Bitcoin to about $170,000 using its gold-based valuation model. The bank argued that Bitcoin is steadily replacing gold as a store-of-value asset, absorbing nearly 1.8 times more risk capital than gold.
This projection suggests that Wall Street institutions view current Bitcoin levels as undervalued, in contrast to retail panic circulating online.
Analysts at JPMorgan estimate that a normalized market environment could lift BTC’s fair value toward that target within six to twelve months. The contrast between fear on social platforms and quiet institutional accumulation underscores shifting market dynamics.
Tether’s consistent quarterly Bitcoin purchases have established it as one of the largest corporate BTC holders globally, now ranking sixth overall. The wallet’s activity often serves as a signal of long-term strategic confidence in Bitcoin’s trajectory.
If market conditions align with JPMorgan’s valuation outlook, Tether’s latest acquisition may strengthen its balance sheet substantially.
The post Tether Adds 961 BTC Amid Market Dip: Bitcoin Price Prediction Targets $170K appeared first on Blockonomi.
Source: https://blockonomi.com/tether-adds-961-btc-amid-market-dip-bitcoin-price-prediction-targets-170k/