Starting in the midst of a plunge, this looks really hard to explain. It’s entirely feasible that the Tether project exists to prop up the price of Bitcoin and to protect the Bitfinex margin float.
If you were going to legitimately buy >$100M BTC, would you not wait for a dip in the price? The speed at which Tether responds to market conditions is suspicious, though.
If I were legitimately going to spend a 100 million on bitcoin my first step wouldn’t be to buy 100 million unredeemable tokens from a sketchy exchange with no access to the banking system.
Was this thread flagged? It was momentarily the top post.