Prominent crypto influencer Phyrex highlighted that Tether's third-quarter financial report revealed a total holding of 75,353.56 BTC as of the end of Q3. This figure represents a decrease of 187.71 BTC compared to the second quarter. Phyrex commented on this data, noting that Tether had previously announced in Q1 2023 that it would allocate 15% of its quarterly profits to purchase Bitcoin.

However, by Q3 2024, not only did Tether fail to increase its BTC holdings, but it also saw a reduction, which Phyrex described as a breach of trust..