Debunking Tether’s BTC Ownership: On-Chain Data Reveals Inconsistencies
In a series of posts on the newly rebranded X platform, analysts at CryptoQuant aim to debunk the magnitude of Tether’s BTC ownership. The stablecoin issuer recently claimed to hold about $1.6 billion worth of BTC, propelling it to the 11th spot on the list of Bitcoin holders. However, crypto researcher Tom Wan identified a Bitcoin address believed to be owned by Tether, which held approximately 55,000 BTC. CryptoQuant argues that this wallet doesn’t match Tether’s report, as it had no BTC holdings in Q4 2022 and started accumulating afterward. The data provider suggests using on-chain data to verify claims of crypto ownership and avoid overlooking individual characteristics of wallets.
Key Points:
– Tether’s BTC balance increased by $176M compared to the previous quarter.
– Tom Wan identified a Bitcoin address believed to be owned by Tether, holding around 55,000 BTC.
– CryptoQuant asserts that the identified wallet doesn’t match Tether’s quarterly report.
– The on-chain data provider suggests using on-chain data to verify claims and avoid labeling every wallet with more than 1,000 BTC as whales.
– Tether may have other BTC wallets apart from the one identified by Wan.
Hot Take:
CryptoQuant’s analysis reveals inconsistencies in Tether’s BTC ownership claims, highlighting the importance of using on-chain data to verify and accurately assess crypto ownership. This emphasizes the need for crypto enthusiasts and analysts to delve deeper into individual wallet characteristics and avoid generalizations based solely on wallet sizes. Understanding the intricacies of on-chain data can provide a more accurate understanding of the crypto market and prevent misconceptions regarding ownership.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content.