DOJ moves $ 2 billion worth of Bitcoin 👀

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DOJ's $2 Billion Bitcoin Move 👀 

The U.S. Department of Justice recently shook up the crypto world, transferring a massive 30,174 BTC (~about $2 billion) from one wallet to another. Talk about a digital shuffle ♠️ 

According to data from the blockchain on April 2, a wallet known to be associated with the DOJ made a 0.001 BTC transaction to a Coinbase Prime address — possibly as a test transaction. Shortly thereafter, the same wallet transferred 30,174 BTC, or roughly $2 billion to a new address.

On-chain detectives were able to pinpoint that the wallet was the one holding Bitcoin confiscated from James Zhong, who in 2022 was convicted for stealing more than 50,000 BTC from Silk Road in 2012.

In 2021, U.S. authorities had raided Zhong’s property and discovered hard wallets containing Bitcoin, including one “on a single-board computer that was submerged under blankets in a popcorn tin” — That’s one hell of a "pop"-up crypto stash 🍿 They later proceeded to cash out ~10,000 BTC for a hefty $215 mil in March 2023, as they continue to HODL the remaining 40,000 BTC.

Tether continues to execute on its Bitcoin DCA Strategy 🙏 

Tether, the issuer of the world's largest stablecoin USDT, has been on a Bitcoin buying spree and has acquired an additional 8,888.89 BTC on March 31st, 2024. This purchase marks the company’s third-largest Bitcoin purchase, following a recent acquisition of a similar position of 8,888 BTC in Q4, 2023.

Starting in September 2022 with a significant purchase of 33,980 BTC, Tether has consistently increased its Bitcoin holdings.

With this latest addition, Tether's wallet now HODL’s 75,354 BTC, acquired at an average price of $30,305, totaling approximately $5.2 billion as of now. This constitutes about 0.38% of the entire 21 million BTC supply, making Tether the seventh-largest Bitcoin holder globally.

Tether CEO Paolo Ardoino has already previously indicated the company's decision to invest up to 15% of its profits in BTC. This DCA strategy for buying BTC has proven lucrative so far, with Tether's BTC portfolio witnessing a remarkable increase of over 128%, accruing an unrealized profit of $2.94 billion.

Bitfinex X Volatility Perps ⚡️ 

In a bid to cater to the insatiable appetite of crypto traders, Bitfinex Derivatives, the leading derivatives platform provided by iFinex Financial Technologies has unveiled perpetual futures contracts tied to Bitcoin and Ether volatility, catering to traders' desire for diverse options.

Developed by Volmex, the Bitcoin Implied Volatility Index (BVIV) and Ethereum Implied Volatility Index (EVIV) will track implied volatility from related options, offering insights into expected market fluctuations.

With leverage up to 20 times, they will allow traders to efficiently navigate and bet on market volatility, while also empowering them to hedge their risks better.

The introduction of such sophisticated products typically reserved for traditional finance (Tradfi) into the crypto market marks a significant milestone. It underscores the growing acceptance of cryptocurrencies and signals a diminishing gap between traditional finance and crypto. This move not only showcases the maturation of the crypto market but also highlights its increasing integration with established financial systems.

Meme of the day

A HODler, when a no-coiner says “It’s over” after a 10% dip 😂 

That concludes our update for today!

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