Cumberland, a Prominent Market Maker Firm, Made Significant Purchases of Ethereum and various Altcoins
Following the Securities and Exchange Commission’s (SEC) lawsuit against Binance, the cryptocurrency market experienced notable declines, impacting Bitcoin and other digital assets, with BNB witnessing significant losses. Simultaneously, substantial outflows were observed from the stock market as investors reacted to the developments.
Amidst these fluctuations, several prominent investors seized the opportunity presented by the market downturn.
In a recent post, the renowned cryptocurrency platform Lookonchain revealed that significant and influential investors have recently allocated their investments into USD Coin (USDC) and Tether (USDT) on various exchanges, engaging in significant purchases.
According to Lookonchain, Cumberland, a key player in the market-making industry, has emerged as one of the participants in the aforementioned investments. Notably, Lookonchain has recently reported that Cumberland is actively engaging in strategic purchases at lower price levels, while also initiating withdrawals of select altcoins from major exchanges such as Coinbase and Binance.
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The altcoins involved in Cumberland’s recent withdrawal activities from Coinbase and Binance encompass a diverse range of cryptocurrencies, namely Ethereum (ETH), Axie Infinity (AXS), Shiba Inu (SHIB), Compound (COMP), Chainlink (LINK), Curve DAO (CRV), Aave (AAVE), and Render Token (RNDR).
Following the SEC’s lawsuits against Binance and Coinbase, Cumberland seems to have reached a turning point. Notably, there has been a significant observation indicating Cumberland’s actions in withdrawing substantial amounts of cryptocurrencies.
The firm has reportedly withdrawn 20,000 Ethereum (equivalent to $37 million) from Coinbase, as well as 4,850 Ethereum (equivalent to $9 million) from Binance.
Additionally, Cumberland has been actively involved in purchasing and boosting the prices of AXS, SHIB, COMP, LINK, CRV, AAVE, and RNDR, signaling a strategic approach in the market.
These developments suggest that Cumberland has seized the opportunity to capitalize on the market dynamics following the SEC lawsuits.
In response to the SEC’s lawsuits against Binance and Coinbase, Cumberland executed strategic moves by withdrawing a significant amount of 90 million USDC from Circle. The firm further allocated a substantial portion of its funds, approximately 85 million USDC, into Coinbase.
Additionally, Cumberland made a separate investment of 3.5 million USDC in Binance, showcasing a diversified approach to their asset allocation across different platforms in the face of the regulatory challenges.
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It seems that #Cumberland bought from the bottom after the #SEC sued #Binance and #Coinbase news reports.
We noticed Cumberland withdrew 20,000 $ETH($37M) from #Coinbase and 4,850 $ETH($9M) from #Binance.
He also withdrew $AXS, $SHIB, $COMP, $LINK, $CRV, $AAVE, and $RNDR. pic.twitter.com/cpYzQd5C7f
— Lookonchain (@lookonchain) June 7, 2023
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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