Tether Just Bought 8,888 Bitcoin for $750M – What Do the Charts Show?

Did Tether Just Buy 8,888 Bitcoin?

The headlines may suggest that Tether just purchased 8,888 Bitcoin in one go, but the reality is quite different. The stablecoin issuer acquired 8,888 BTC gradually over the entire first quarter of 2025, totaling approximately $735 million.

This latest acquisition brings Tether's total Bitcoin holdings to an estimated $8.29 billion, comprising 100.521K Bitcoin, further reinforcing its position as a major player in the cryptocurrency market. While some may speculate that these purchases could impact Bitcoin's price, it is highly likely that Tether executed these transactions through over-the-counter deals rather than on the open market. OTC purchases help large-scale investors avoid slippage and minimize volatility, allowing them to accumulate Bitcoin without triggering major price swings.

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Weekly Chart

Bitcoin has primarily held up well during the downturn in U.S. equities, particularly in big tech stocks.

The weekly chart suggests that Bitcoin could be setting up for a potential rally if the price stabilizes around the 50% retracement level ($79,665.7) from the prior major swing low ($48,888.0) to the current swing high ($110,443.4), which was formed on the day of President Donald Trump's on Jan. 20.

Daily Chart

As always, when you zoom into lower timeframes, you start to see more detail, which can be confusing at first glance but also provides a better understanding of how it may influence the higher timeframe.

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The overall trend on the daily chart remains in a bearish downtrend and is still trading below the range low of $90,200.0. 

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As long as Bitcoin stays above the 50% retracement range (highlighted in the red-shaded zone), I believe it is more likely that we consolidate or see a continuation of the higher timeframe trend, potentially heading back toward all-time highs.

However, if Bitcoin starts breaking below this level with strength, we can expect a move toward the Election lows, which are resting around $66,810.00.

Bullish or Bearish: What’s the Outlook?

The main takeaway here is that Bitcoin has so far maintained its weekly structure, with price staying above the key levels that have been discussed. However, the daily chart is still trending downward.

Given this, it would be wise to maintain a soft bullish bias rather than being aggressively bullish.

If Bitcoin starts losing the key weekly levels, it would likely be ideal to shift to a more bearish outlook the next few weeks to come.

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