Introduction: Who is Creating the Ultimate Buy Order?

On November 4, 2026, as we examine the speech data from Paolo Ardoino in Lugano and the latest transactions of BitMNR on the Kraken exchange, the underlying logic supporting the crypto market has become evident. In the current macro context, what can continuously drive up or support Bitcoin and Ethereum is no longer the FOMO sentiment of retail investors, but cash cow enterprises like Tether and BitMNR that hold the "printing rights" and "interest-earning rights." They hold billions of idle fiat profits and have no choice but to purchase scarce digital assets to combat the long-term depreciation of fiat currency.

1. Tether's 150,000 BTC: The Perfect Destination for Fiat Profits

Tether has disclosed its BTC holdings, which have jumped from less than 100,000 in mid-year to the officially announced 150,000. This extraordinary leap represents the biggest "sunny conspiracy" in the crypto market for the second half of 2026. As the largest stablecoin issuer globally, Tether collects real dollars from users every day and then issues an equivalent amount of USDT. These real dollars are used by Tether to purchase U.S. Treasury bonds, which, under the current yield rate, generate astronomical profits for Tether every quarter. The "policy of buying up to 15% of quarterly net profits in Bitcoin" established in May 2023 was initially not sufficiently emphasized by the market. However, the power of compounding is formidable. The massive accumulation likely to occur in October is a violent realization of this policy. For Tether, the reserve of $11.5 billion in Bitcoin is not just the most dazzling anti-inflation cornerstone on its balance sheet but also the ultimate credit anchor released to global regulators and users—outside of the dollar system, Tether possesses the best liquidity and most censorship-resistant hard assets as the excess bulwark of its business empire.

2. BitMNR's 6.06 Million ETH: Textbook-Level Institutional Accumulation

If Tether is leveraging its monopoly profits for extraordinary results, then BitMNR's acquisition of 6.06 million ETH over a year and a half is the epitome of Wall Street trading execution. Buying 5,000 ETH for $11.22 million on Kraken yesterday was merely a part of its hundreds of routine operations. However, when extending the timeline, its accumulated holding of over $20 billion has made it one of the most critical single entities affecting the Ethereum ecosystem. Notably, after Ethereum experienced several severe bull-bear transitions and high-level fluctuations, BitMNR managed to precisely control the average cost of its massive holding of 6.06 million chips at $3,329 per coin. This indicates that its buying strategy is highly mechanized and de-emotionalized: buying heavily during significant declines and making small, incremental purchases or pausing during large rallies, perfectly digesting the volatility frictions of the secondary market. By using the vast majority of these chips for node staking to earn interest, BitMNR has completely transcended the simple "profit margin" logic and upgraded to the highest level "rentier" benefiting from Ethereum's entire network inflation and transaction fee dividends.

Yesterday's market reveal disclosed the highest-tier gameplay of the crypto cycle: not relying on issuing tokens to raise money, not relying on high-frequency trading, but on generating blood supply from its main business (U.S. debt spreads or mining staking), transforming the massive dollar profits generated into immutable on-chain spot assets. When Tether sits atop a mountain of 150,000 BTC, and when BitMNR controls a network of 6.06 million ETH nodes, these institutional treasure troves are not just investing in cryptocurrencies; they are becoming the rulers of the new order of cryptocurrency.

Data Source: https://bbx.com/ Cryptocurrency concept stock information database, organized based on yesterday's announcements from global listed companies and SEC/TSE disclosure documents.

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