In the wake of recent claims that Tether, the company behind leading stablecoin USDT, holds the 11th largest bitcoin (BTC) wallet, Cryptoquant, a blockchain intelligence firm, has expressed skepticism. Citing inconsistencies in onchain data, Cryptoquant has questioned the authenticity of the identified wallet’s connection to Tether. This challenge adds a new twist to the ongoing discussions about Tether’s reported bitcoin holdings.
Alleged Tether Bitcoin Wallet Under Scrutiny: Cryptoquant Finds Inconsistencies in Onchain Data
The claim began when a research analyst from 21.co suggested a specific bitcoin (BTC) address (the 11th largest) as Tether’s official BTC wallet. Crypto journalist Yogita Khatri further reported that a source had confirmed Tether’s ownership. This claim was later challenged by Cryptoquant, which analyzed the onchain data and found discrepancies.
According to Cryptoquant, the so-called Tether bitcoin holding wallet did not match the description in Tether’s quarterly report. While the wallet started accumulating BTC, no holdings were reported in last year’s Q4 report. Cryptoquant highlighted that this could not be the only BTC wallet Tether possesses, casting doubt on the connection.
Cryptoquant’s analysis further reveals a blind spot in onchain data when monitoring BTC ‘whale’ behavior. The term ‘whales’ often refers to entities holding significant amounts of bitcoin. However, the firm emphasizes that it’s possible to miss individual characteristics or mislabel wallets on exchanges, leading to misinterpretation of the data.
The skepticism from Cryptoquant stems from the complex nature of defining and identifying wallet ownership. A significant movement of BTC from May to July was observed, but it appeared to be a movement associated with Robinhood. This exemplifies the difficulty in precisely determining wallet ownership, and Cryptoquant’s warning against hasty conclusions.
Tether’s Bitcoin reserves have been a topic of intense scrutiny in the crypto community, and Cryptoquant’s challenge adds more uncertainty to the ongoing debate.
What do you think about Cryptoquant’s analysis of the so-called Tether bitcoin wallet? Share your thoughts and opinions about this subject in the comments section below.