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Major Trader Snaps up Shiba Inu (SHIB) and Ethereum (ETH) Dips With Millions of Dollars

Wed, 06/07/2023 - 11:36
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Gamza Khanzadaev
Big league crypto trading firm Cumberland snaps up ETH and SHIB price dips
Major Trader Snaps up Shiba Inu (SHIB) and Ethereum (ETH) Dips With Millions of Dollars
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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.

Ark Invest Bought Coinbase Shares Following SEC-induced Dip: Details

According 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.

SHIB and ETH to USD by CoinMarketCap

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.

Shiba Inu 'Execs' React to Big New Release for SHIB Metaverse

These 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.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.