Recently, a detail worth noting—leading stablecoin Tether's actions on Bitcoin are becoming increasingly systematic.

According to on-chain data, Tether significantly increased its Bitcoin reserves during Q4 2025, with nearly 9,850 BTC purchased in a single quarter, valued at approximately $876 million. If you think this is a temporary move, you're underestimating it. Since May 2023, Tether has explicitly outlined its strategy—allocating 15% of its quarterly profits to dollar-cost average into Bitcoin.

What do the current figures look like? Tether's Bitcoin reserves have reached 96,185 BTC, with a total value of about $8.42 billion, maintaining the fifth position among global Bitcoin whales. Based on historical cost, the average purchase price is roughly $51,117, meaning the unrealized profit on paper has exceeded $3.5 billion. Once a stablecoin issuer, Tether has now transformed into a major Bitcoin bull.

Why is this signal so important? First, this is genuine, sustained buying pressure. Tether doesn't play emotional games or chase trends; it systematically invests profits, creating highly sticky capital that won't be hurriedly sold off due to short-term fluctuations. Second, the largest stablecoin issuer is holding Bitcoin as a core reserve asset, which reinforces the narrative of Bitcoin as digital gold—its credit backing capacity is essentially boosting Bitcoin's valuation recognition. Third, in the current global environment of high debt and uncertainty, Tether holding BTC as long-term reserves is, to some extent, hedging and insuring for itself and the entire market.

However, it's also important to view the risks clearly. The concentration of a single large institution increases market fragility; if there are regulatory changes or policy adjustments within the institution, this concentration could amplify market volatility. Additionally, such buying is gentle and persistent—it won't immediately push prices higher but can provide support during corrections, making it suitable for long-term investors. For traders seeking short-term gains, this has less significance.

What can we learn from this case? Smart capital is no longer debating "whether to buy Bitcoin" but is calculating "how much to buy each quarter." While most are still judging market direction, some institutions have already explicitly incorporated Bitcoin into their balance sheets.

The start of a bull market may rely on sentiment and hot spots, but ultimately, it is sustained by this seemingly calm but continuous accumulation. Will more stablecoin projects in the future also designate BTC as a clear core reserve asset? This is a question worth pondering.