April 16 — CryptoQuant Research Director Julio Moreno said Wednesday that Bitcoin's recent rally is increasingly vulnerable to profit-taking, as several on-chain signals point to rising sell pressure. Bitcoin has eased slightly and is now probing the on-chain "realized price" around $76,800, a level Moreno described as a key bearish resistance zone. Historically, this area has often stalled upside moves, as holders approaching breakeven tend to sell into strength, limiting further gains. "This price range capped rallies during the January 2026 bear-market rebound and prices turned lower after reaching it," Moreno said, adding that a similar setup could re-emerge if selling pressure continues to intensify. If the resistance holds, he flagged about $67,600 as the next near-term support. The report also noted that the share of large transactions has jumped from under 10% to above 40%, a level historically linked to strong short-term selling pressure. Profit-taking has not yet peaked: daily realized profits are roughly $500 million, below the $1 billion level that has previously marked major selling climaxes. Moreno said that if Bitcoin stays above $76,000 and moves closer to the $76,800 realized-price level, daily realized profits could accelerate beyond $1 billion, amplifying sell pressure and increasing the odds of a cyclical top or a pullback.

Tether has added 951 BTC to its Bitcoin reserves, according to on-chain data cited by CoinDesk. The transfer, sent to an address labeled "Tether: BTC Reserve", was valued at about $700 million at the time of the move and brings the company's total Bitcoin holdings to 97,141 BTC, worth roughly $7.16 billion. The reserve address aligns with the wallet previously confirmed by Tether CEO Paolo Ardoino. The latest addition reflects Tether's strategy introduced in 2023 to allocate up to 15% of realized operating profits to Bitcoin purchases.

Tether has added to its bitcoin reserves after moving 951 BTC to its designated reserve wallet, on-chain data cited by CoinDesk shows. The transfer was valued at roughly $700 million at the time, lifting the stablecoin issuer's total bitcoin holdings to 97,141 BTC, worth about $7.16 billion. The receiving address is labeled "Tether: BTC Reserve" and matches the wallet previously confirmed by Tether CEO Paolo Ardoino. The latest addition aligns with Tether's strategy announced in 2023 to allocate up to 15% of realized operating profits to bitcoin purchases.

Tether, the issuer of USDT, has increased its Bitcoin reserves after adding 951 BTC, bringing total holdings to 97,141 BTC—worth roughly $7.2 billion at current prices. On-chain data cited by market reports shows the latest coins were transferred from Bitfinex to a wallet widely tracked as Tether's Bitcoin reserve address. The transaction value was estimated between $70.47 million and $70.74 million, depending on the Bitcoin price used at the time. The purchase aligns with a strategy Tether outlined in 2023: allocating up to 15% of realized operating profits to Bitcoin. The company has said it funds crypto purchases with earnings from its stablecoin business and related operations, rather than raising external capital. Tether's reserve wallet has become a closely watched address after receiving periodic transfers following quarter-end reporting periods. With the latest increase, it ranks among the largest on-chain Bitcoin wallets and has been described in the cited reports as the fifth-largest holder by wallet size. The growing position also places Tether among the largest corporate-style Bitcoin holders associated with a privately held company. ### Profit-funded accumulation continues Based on the referenced on-chain data, the 951 BTC transfer appears to reflect part of Tether's first-quarter 2026 Bitcoin buying. The company has repeatedly accumulated Bitcoin through Bitfinex before moving it into the reserve wallet after the quarter closes. Tether did not publicly confirm the specific transaction in the provided reports, but the destination address matches one previously linked to its reserve activity. The Bitcoin program was introduced as part of a broader reserve diversification plan, with Tether positioning Bitcoin as a recurring allocation alongside core reserve assets. ### Reserves expand alongside the USDT business USDT remains the largest stablecoin by market capitalization, estimated in the supplied reports at around $185 billion. Tether also reported more than $10 billion in profit for 2025, supported by growth in USDT circulation and income tied to U.S. Treasury holdings. Reserve disclosures cited in the reports indicated up to $141 billion in exposure to U.S. government debt and $6.3 billion in excess reserves against $186.5 billion in liabilities. Tether was also reported to hold $17.4 billion in gold. Within that broader treasury structure, Bitcoin represents an increasingly visible component, expanding through quarterly purchases. ### Market focus on Tether's Bitcoin footprint The rise to 97,141 BTC has kept attention on Tether's influence in Bitcoin supply dynamics, given that large reserve holders can affect sentiment around long-term demand. Some reports cited an estimated average acquisition cost near $51,312 per coin, implying substantial unrealized gains at recent market levels. The latest move comes as Bitcoin has traded around the mid-$70,000 range, a period when corporate and institutional treasury activity has remained in focus. Unlike ETFs or publicly listed treasury firms, Tether's approach is described as being funded by operating profits tied to the stablecoin business.

Bitcoin is consolidating around $74,000 after a strong advance that has drawn buyers back and lifted hopes for a broader recovery. Beyond price momentum, supply-side dynamics are shifting in a way that could influence whether the move can hold. Arab Chain reports that the Miners' Position Index (MPI) has slipped into negative territory, with a reading near 0.83. The change points to miners holding coins rather than transferring Bitcoin to exchanges ahead of potential sales, reducing a long-standing source of structural selling pressure. Historically, MPI readings above 2 have aligned with periods of heightened miner distribution, and those spikes have often occurred alongside price pullbacks. The current sub-1 reading reflects the opposite setup: fewer miner transfers to exchanges and less overhead supply hitting the market. For Bitcoin trying to defend gains around $74,000, the absence of miner-driven sell flow can reduce internal resistance. Recent MPI behavior also differs from earlier months, when the index repeatedly surged above 2 and each move coincided with price weakness. This time, the index has stayed low and relatively stable, suggesting miners have stepped back from the distribution posture seen during prior corrections. Arab Chain notes that continued MPI stability would support more balanced trading conditions, while a move back toward the 2 level would be worth monitoring as an early sign that miners may be returning to net distribution. The current reading does not guarantee further upside, but it removes one of the more consistent historical catalysts for downside. On the technical side, Bitcoin is attempting to reclaim the $74,000 area after a sharp February breakdown that reset market structure and cleared leverage. The selloff featured a high-volume capitulation wick into the low $60,000s, establishing the current range and a local bottom. Since then, price has printed higher lows, signaling gradual buyer reentry. The $74,000–$75,000 zone remains a key hurdle. It matches prior support turned resistance and sits just below the declining 100-day moving average, while the 200-day moving average remains higher, reinforcing the broader downtrend. Near-term momentum has improved: the 50-day moving average is turning up and supporting price from below, suggesting a healthier recovery than earlier bounce attempts. Volume has not expanded meaningfully versus the February capitulation, indicating the move still resembles a controlled recovery rather than aggressive accumulation. The market's next signal likely hinges on acceptance above $75,000. A sustained break could shift structure toward continuation and put $80,000 in view. A failed breakout would favor another rejection and keep Bitcoin range-bound roughly between $68,000 and $75,000. Featured image from ChatGPT, chart from TradingView.com

Bitcoin is back at $74,000, and the move appears more than hype-driven. With ETF inflows staying strong and price action showing its own momentum, the market may be building toward something bigger. Read the full breakdown.

Blockchain data shows a transfer of 668 BTC, valued at USD 50,143,714, from Coinbase to an unknown wallet.

U.S.-listed spot Bitcoin exchange-traded funds recorded $411.5 million in net inflows.

Bhutan's Royal Government moved 250 BTC worth about $18.46 million on Wednesday, according to Arkham data. The bitcoin was sent to a newly created wallet that has not been linked to any major exchange. The transfer extends a steady drawdown from the country's mining-backed crypto treasury. Bhutan-linked wallets have shifted roughly 3,247 BTC so far in 2026, valued at about $240.4 million at current prices. Known holdings now stand near 3,524 BTC, or around $260.9 million, down 73% from the October 2024 peak of nearly 13,000 BTC. Inflows have also faded: no deposits above $100,000 into Bhutan-linked wallets have been recorded in more than a year. Bhutan built its reserves through bitcoin mining powered by the nation's hydropower capacity, converting surplus renewable electricity into BTC. The move from accumulation to distribution points to an ongoing portfolio shift rather than a one-time liquidity event.