Tether's $8B Bitcoin Treasury Fuels Futures Momentum
Tether has been building its Bitcoin treasury since May 2023, allocating up to 15% of operating profits towards BTC. The estimated value of this treasury is over $8 billion, with approximately 83k, 100k BTC in storage.
This move targets around a 10% allocation to Bitcoin, a significant strategy shift for the stablecoin issuer. In contrast to spot demand staying weak, derivatives activity has seen an increase, with aggregate futures open interest reaching about $27.53 billion.
This indicates momentum is coming from futures-driven participation rather than spot trading.
Miner selling activity saw a significant drop in September 2026, easing outflows as the miner protocol index (MPI) dropped to -1.2 after peaking at 2.8 in August to fund AI capital expenditure.