In the past 24 hours a shocking amount of Tethers has been released. A total of $180 million worth which is the largest ever in that time frame and it is looking like more and more like a desperate move.

If we look back at the history of Tether releases, they are much more modest than this latest release. They started the week off releasing $25 million, but it had no effect on price. Around that time, we saw huge sell walls showing up on Bitfinex and the price has been stagnate. Apparently Bitfinex found it necessary to release an unprecedented amount of Tethers. It is likely that they have become desperate as there is no other reason for such a huge release of Tethers in a short amount of time. It totally overextends them as an exchange and they can only be doing this if they feel they have no other choice. At this time the reasons are unknown, but it is clearly a desperate move to try to ward off some sort of outcome that they simply cannot let happen.







To give you some perspective, the total amount of cash settled futures for Bitcoin on the CBOE was only around $30 million today.

The market cap for Tethers is now well over $1 billion. But what is more troubling is how many Tethers were released just today. There is no reason they would release this many in 24 hours unless they felt it absolutely necessary to avoid some unwanted outcome, as this amount of money appearing out of nowhere is beginning to reach levels of absurdity.