Bitfinex Keeps Bleeding Bitcoin (BTC) While Tether (USDT) Wallet Bloats

Bitfinex and Tether (USDT) keep giving indications of trouble, based on accelerating movements of Bitcoin (BTC) out of the exchange. At the same time, the Bitfinex Tether wallet is positively bloated, adding hundreds of millions of USDT over the weekend.

As per the latest data from the Tether Rich List, Bitfinex lines up second with 486,678,763 USDT, growing significantly over the past couple of days. At one point, the Tether Treasury wallet retired 200 million USDT from the exchange, limiting the supply. Without that transaction, Bitfinex would have held an exorbitant 686 million USDT.

In the past, traders have noted a connection between USDT retired to treasury and sell-offs in BTC:

https://twitter.com/steadydee/status/1051567006187757569

However, the uncertainty of USDT might, in fact, raise BTC prices. Since USDT in ef…

This article appeared first on Cryptovest

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