Tether Moves $14M In Bitcoin To Bitfinex, Sparks Selloff Jitters

USDT issuer Tether moved more than $14 million worth of Bitcoin today. The transfer coincided with a broader crypto market drop as BTC plunged below $69,000. Mt. Gox, meanwhile, also initiated BTC transfers worth around $739 million.

A recent Bitcoin transfer linked to Tether's reserve has reignited selloff jitters across the market. The fears come as crypto has failed to regain momentum, with BTC price plunging to around $68,000 today.

Arkham Intelligence data shows the wallet connected to Tether's Bitcoin reserve transferred 204.3 BTC, worth roughly $14.36 million, to crypto exchange Bitfinex. The move from a major Tether wallet to an exchange immediately stirred selloff concerns. For context, the transfer originates from a Bitcoin reserve address that Tether has been replenishing since 2023 using 15% of the company's profit. The wallet holds approximately 96,936 BTC, valued at roughly $6.7 billion today — one of the largest known corporate Bitcoin holdings. Earlier, Tether had bought over $70 million of BTC in April 2026. The amount moved is only a sliver of Tether's total stash, but it still created a buzz. With BTC price continuing to soften, investors are twitchy about any large holder's movements. As of writing, there's no evidence Tether plans to sell the Bitcoin sent to Bitfinex. Big traders routinely shift assets between exchanges and wallets for trading, storage, or liquidity reasons — a habit the market nevertheless treats as a tell every single time. The timing, though, has amplified bearish sentiment among traders already navigating a rough market.

Bitcoin fell 4.08% to $68,927.11 at the time of writing on Tuesday, June 2. The BTC price slipping further below the key $70,000 level fed bearish sentiment. Ahead of Tether's transfer, the market was rattled by another massive BTC movement: defunct exchange Mt. Gox shifted a large quantity of BTC on Tuesday. Per data on crypto tools, Mt. Gox logged its single biggest on-chain transaction in months — 10,422.65 BTC, worth around $739 million at the time. Most of it went to a new wallet, with a smaller amount directed to an internal address. The transaction comes ahead of the October 31, 2026 deadline for creditor repayments. Spot Bitcoin ETF outflows have also surged to around $3.5 billion.