> The first red arrow on the chart points to April 25th, 2019: the announcement of the OAG’s investigation. Notice how, as the investigation progresses, the issuance rate of Tether begins to rise — initially in large single blocks, of around $1B, every few months.
The below is an analysis of printed tethers vs known institutional buyers for 2020. I find a ratio of 4 to 1.
Tether market cap for 2020: march: 4.6B$, april: 6.3B$, may 8.8B$, july: 9.9B$, 29August: 10B$, 1stSept: 13B$, 28Sept: 15B$, Jan21: 24B$
Difference: between march-september 2020, Tether printed 10B$ while the biggest known institutional buyers spent 2.6B$ (grayscale+microstrategy=1.5B$+1.1B$=2.6B$)
That is to say, Tether prints appear to be 4 times the big buyers amount.
The below is an analysis of printed tethers vs known institutional buyers for 2020. I find a ratio of 4 to 1.
Tether market cap for 2020: march: 4.6B$, april: 6.3B$, may 8.8B$, july: 9.9B$, 29August: 10B$, 1stSept: 13B$, 28Sept: 15B$, Jan21: 24B$
Compared to known institutional buyers:
Grayscale: march: 500M$, april: 600M$, may: 1B$, july: 1.4B$, 31August: 1.8B$ (approx), 28Sept: 2B$
Microstrategy: 1.1B$ average price (august to september, as per https://bitcointreasuries.org/)
Difference: between march-september 2020, Tether printed 10B$ while the biggest known institutional buyers spent 2.6B$ (grayscale+microstrategy=1.5B$+1.1B$=2.6B$)
That is to say, Tether prints appear to be 4 times the big buyers amount.
ref for grayscale buy amounts: https://hackernoon.com/grayscales-gbtc-pump-effect-means-202...