Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Fear and uncertainty have engulfed the crypto market as the SEC takes legal action against prominent exchanges Binance and Coinbase. However, amid the turbulence, there are indications that institutional investors, whales and so-called smart money are capitalizing on the market dip. Notably, Cumberland, a subsidiary of DRW, a reputable and diversified trading firm, has emerged as one of these astute investors.
Godfrey BenjaminAccording to Lookonchain, a prominent crypto analytics platform, Cumberland made strategic moves following the news of the SEC lawsuit against Binance. On June 6, Lookonchain reported that the firm swiftly withdrew a staggering sum of 67.9 million USDC from Circle, redirecting 67.1 million USDC to Coinbase.
Adding to the previous report, Lookonchain provided further insights today, suggesting that Cumberland seized the opportunity presented by the SEC's actions against Binance and Coinbase. Notably, Cumberland withdrew 20,000 ETH, equivalent to a substantial $37 million, from Coinbase. They also pulled out 4,850 ETH, valued at approximately $9 million, from Binance. Cumberland also withdrew various other tokens, including AXS, SHIB, COMP, LINK, CRV, AAVE and RNDR, further strengthening their position on the market.
Gamza KhanzadaevThese moves by a major trading firm indicate a strategic response to the prevailing circumstances. Such actions may serve as a confidence booster for other market participants, as institutional investors appear to see value in purchasing digital assets at a discounted price.
Tomiwabold Olajide
Dan Burgin
Alex Dovbnya
Vladislav Sopov