According to @EmberCN, Tether withdrew 8,888.8 BTC (about $1 billion) from Bitfinex to its BTC reserve address on the last day of Q3 2025, aligning with its May 2023 plan to allocate 15% of company profits to Bitcoin reserves. Source: X post by @EmberCN on Sep 30, 2025; Tether official announcement May 2023. The reserve address now holds 86,335 BTC (about $9.75 billion), which @EmberCN reports is the sixth-largest BTC wallet, with an estimated average purchase price of $48,542 and unrealized gains of roughly $5.5 billion based on the withdrawal price. Source: X post by @EmberCN on Sep 30, 2025; Arkham Intelligence address intel.arkm.com/explorer/address/bc1qjasf9z3h7w3jspkhtgatgpyvvzgpa2wwd2lr0eh5tx44reyn2k7sfc27a4. For traders, large exchange outflows can reduce immediately available sell-side liquidity and are commonly interpreted as accumulation by long-term holders. Source: Binance Academy, Exchange Inflows and Outflows.