Just-In: Tether Triggers Bitcoin Selloff Concerns With $14M BTC Transfer To Exchange
Highlights
- USDT issuer Tether just moved more than $14 million worth of Bitcoin today.
- The transfer coincided with a crypto market crash as BTC plunged below $69,000.
- Recently, Mt. Gox also initiated BTC transfers worth around $739 million.
A recent Bitcoin transfer is associated with Tether’s reserve and has raised new doubts about selling pressure. The fears come as the crypto market has failed to regain the momentum with BTC price plunging to $68,000 today.
Tether Sends Some Bitcoin To Bitfinex
Arkham Intelligence data shows the wallet connected to Tether’s Bitcoin reserve transferred 204.3 BTC, equivalent to some $14.36 million. This stash was dumped to crypto exchange Bitfinex.
The transfer from a major Tether wallet to an exchange immediately sparked selloff concerns. For context, the move transfer comes from a Bitcoin reserve address that Tether that it’s replenishing since 2023 from 15% of the company’s profit.
The wallet contains approximately 96,936 BTC, valued at approximately $6.7 billion today. It represents one of the largest known corporate Bitcoin holdings. Along these lines, earlier, USDT stablecoin issuer Tether had bought over $70 million of BTC in April 2026.
The amount transferred is only a small amount of Tether’s total holdings, but it created a buzz around the market. Since the BTC price is continuing to weaken, investors are sensitive to major Bitcoin holders’ movements.
As of writing, there’s no evidence that Tether plans to sell the Bitcoin that’s been moved to Bitfinex. Big traders often swap assets between exchanges and wallets, whether for trading, storage or liquidity reasons. However, the timing of the transfer has increased bearish sentiment among traders already struggling with a tough market environment.
Why Is BTC Price Crashing?
Bitcoin fell 4.08% to $68,927.11 at the time of writing on Tuesday, June 2. The BTC price slipping further below the key $70,000 level led to bearish sentiment in the market.
Ahead of Tether’s transfer, the market was hit by another massive BTC movement. Defunct Mt. Gox exchange shifted a large quantity of BTC on Tuesday.
As per data on crypto tools, Mt. Gox made its single biggest on-chain transaction in months of 10,422.65 BTC, valued at around $739 million at the time.
The majority of the money went to a new wallet with a lesser amount going to an internal address. The transaction comes ahead of the October 31, 2026 deadline for creditor repayments.
In addition, the continued spot Bitcoin ETF outflows have surged to around $3.5 billion in the last 10 sessions. Also, the uncertainty around the US-Iran peace negotiations have weighed on the crypto market.
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