Tether’s Bitcoin Holdings Proven By On-Chain Data; FUD Debunked
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- CryptoQuant used on-chain data to dispel doubts about Tether’s BTC position.
- It says Tether might possess additional Bitcoin wallets beyond the one under scrutiny.
- On-chain data can also potentially lead to the wrong categorization of whale entities.
CryptoQuant, a prominent on-chain data and analytics provider, has taken to Twitter to dispel the doubts surrounding Tether’s position as the eleventh-largest holder of Bitcoin. The company determined to counter the week’s spread of fear, uncertainty, and doubt (FUD) with the power of its on-chain data.
1-3/ Can we verify @Tether_to being the 11th largest #Bitcoin holder with the on-chain data?
— CryptoQuant.com (@cryptoquant_com) August 10, 2023
4-6/ What is the blind spot of on-chain data when monitoring #Whales' behavior?
Let's BUST this week's FUDs with our on-chain data.
Thread
CryptoQuant highlighted that Tether’s quarterly report unveiled a substantial stash of approximately $1.6 billion worth of Bitcoin. This figure propelled the stablecoin issuer to a top position among the crypto asset’s largest holders.
However, a scrutiny of the Tether Bitcoin holding wallet on Twitter raised some alleged discrepa…
The post Tether’s Bitcoin Holdings Proven By On-Chain Data; FUD Debunked appeared first on Coin Edition.
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