#ETH走势分析 The recently confirmed data has shocked the entire industry — Tether holds 87,296 Bitcoins, estimated at the current price of $104,000, which directly skyrockets this asset to $9.09 billion, accounting for 5.6% of its total reserves. Even more astonishing, this ratio is almost double that of last year.

Where does the controversy come from? Recently, S&P directly downgraded the reserve stability rating of USDT to "weak" for a straightforward reason: a heavy holding of Bit, insufficient buffer funds, and significant tail risks. Well-known investor Jason Calacanis later publicly suggested that Tether liquidate these Bits and convert them into U.S. Treasury bonds to reduce volatility.

The CEO of Tether is not indulging this narrative. He stated directly that 15% of the company's profits will continue to be used to increase holdings of Bit, and external doubts are simply not within the scope of consideration. This attitude is clear - our strategy, we call the shots.

The market is currently divided into two camps. The optimistic faction believes that if Bitcoin continues to rally, Tether's holdings will make it the strongest asset support in the crypto world, and the market trust in USDT will only become more solid.

But the pessimists are not without reason. What if Bitcoin plummets by 50% and a massive number of users rush to redeem USDT at the same time? Will liquidity instantly dry up? Will the panic of 2022 repeat itself? In such an extreme scenario, the $9 billion Bitcoin exposure could instantly turn from "strategic reserve" into "liquidity trap."

Using nearly 100 billion dollars worth of Bitcoin as reserves, is this strategy betting on the long-term value of digital gold, or is it setting a time bomb for itself? No one can provide a definite answer now.

What do you think about this? Are you bullish or bearish? Feel free to discuss directly in the comments, don't hold back.