Tether (USDT), the world's largest stablecoin, has minted an additional $1 billion, pushing its market capitalization past $110 billion. This significant increase could potentially drive Bitcoin's next move towards new all-time highs.

The recent minting of $1 billion worth of USDT by Tether's Treasury has brought the total amount minted this year to $31 billion. This surge in USDT supply is cited as a key factor in Bitcoin's price rise from $27,000 to $73,000, according to a May 17 analysis by Lookonchain.

Tether's influence on Bitcoin's price isn't just through its stablecoin supply. The company has committed to investing 15% of its net profit into Bitcoin to diversify the assets backing USDT. On March 31, Tether acquired 8,888 Bitcoin, valued at $618 million, making it the seventh-largest Bitcoin holder globally. Currently, Tether's wallet holds over 78,317 BTC, worth more than $5.18 billion, reflecting its strategic move to integrate Bitcoin into its asset portfolio.

While Tether's actions are notable, Bitcoin's price movement also heavily relies on institutional inflows into spot Bitcoin exchange-traded funds (ETFs). Recent data from Dune shows that U.S. Bitcoin ETFs have experienced their second consecutive week of net positive inflows, accumulating over $200 million. Institutional investments through these ETFs have played a crucial role in Bitcoin's recent rally to new highs, with Bitcoin ETFs accounting for about 75% of new investments as of February 15, pushing the price past $50,000.

Bitcoin's current price trajectory has been confirmed by its recent breakout on the daily chart, where the $65,000 level now serves as a robust support, according to TradingView. Additionally, popular crypto analyst Rekt Capital noted that Bitcoin has successfully turned a major old resistance level into a new support on the monthly chart. However, a temporary correction to below $63,500 might occur before Bitcoin reclaims the $70,000 mark. This correction, predicted by ScorehoodAI, is seen as a necessary pullback to liquidate high-leveraged positions, potentially amounting to $1.76 billion worth of leveraged long positions being liquidated if the price dips below $63,500.