Why Did $730M in Bitcoin Vanish from Bitfinex? You Won’t Believe It!

by

Ah, yes, Monday, that most dreaded of days, when the world seems to pause and ponder the mysteries of existence. And what do we find lurking in the shadows? A whopping 7,000 Bitcoins—yes, that’s around $730 million at the current absurdly inflated prices—vanishing into the abyss, withdrawn from Bitfinex. A mere flicker in the cosmic dance, but certainly one to make you pause and wonder, “What is happening?”

Ah, the thrill of the unknown! 🚨

7,000 BTC ($730M) withdrawn in a single swoop! A sign of institutional giants making moves, or perhaps a mere blip in the grand machine of fate? Time will tell.

— Maartunn (@JA_Maartun) June 2, 2025

What is this but the quiet whisper of the market’s deepest secrets? This grand gesture, this mysterious withdrawal, is, according to the wise and knowing Paolo Ardoino, the CEO of Bitfinex, nothing less than an investment in the Bitcoin treasury firm known as Twenty One Capital. An investment, if you will, in the very future of Bitcoin itself. How delightfully cryptic!

Tether Group has moved 4812.22029710 BTC to the address bc1qzup4k7zn9jur7a8kz0dnaernzyf60h8ez6s9cpmp23wfw5djhvusd4p0v3 in preparation for some rather mysterious pre-funding of the initial convert/equity raise in Twenty One Capital (XXI).

— Paolo Ardoino 🤖 (@paoloardoino) June 2, 2025

Ah, but we must look deeper, for the plot thickens. Back in April, we learned that Tether, Bitfinex, and Cantor Fitzgerald had teamed up with the mighty Japanese titan Softbank to launch a $3.6 billion Bitcoin investment firm. A marriage of convenience or an act of pure brilliance? It is, dear reader, too early to tell.

And don’t forget the $460 million in Bitcoin that Tether so eagerly scooped up in May, buying into this grand venture called Twenty One Capital. What a time to be alive, where fortunes are made and lost in the blink of an eye.

Now, the grand architect behind this Bitcoin dream is none other than Jack Mallers, the CEO of Strike. Mallers, in his infinite wisdom, made it clear—Strike and Twenty One Capital are entirely separate entities. They don’t share a thing, except for an undying love for the digital currency that threatens to reshape the very fabric of our existence. Mallers, however, insists they are not just “Bitcoin for the sake of Bitcoin”—no, no. This, dear reader, is a “pure play Bitcoin business.” There’s that phrase again—so pure, so unattainable, much like the concept of truth itself.

But wait! The real kicker—Twenty One Capital aims to manage a staggering 42,000 Bitcoins, worth some $4.4 billion at current rates. That would make them the third-largest corporate holder of Bitcoin right out of the gates. How quaint! And to top it all off, they plan to go public via a SPAC structure. The market’s appetite for drama, it seems, knows no bounds.

In a moment of candid reflection, Mallers confided to Bloomberg that the inspiration for all this came from the great Michael Saylor—yes, the Strategy co-founder who bought a fortune’s worth of Bitcoin. That spark of genius blossomed into something truly spectacular. And now, Mallers, with a hint of quiet arrogance, believes his firm has enough capital and size to emerge victorious in this war of digital currencies. “We are small enough to grow, but big enough to win,” he declared, his words dripping with the promise of an uncertain future. How delightfully humble.

So, my dear reader, as you ponder these grand machinations, remember this: We are all players in a game we don’t fully understand. And like Bitcoin itself, the truth of what is happening may not be fully grasped until it is far too late. 🧐💰

Read More

2025-06-03 00:00