Big League Crypto Trading Firm Cumberland Catches ETH and SHIB Price Drops
Fear and uncertainty have engulfed the crypto market as the SEC takes legal action against major exchanges Binance and Coinbase. However, amid the turmoil, there are indications that institutional investors, whales and so-called “smart money” are profiting from the market downturn. Notably, Cumberland, a subsidiary of DRW, a reputable and diversified trading company, has become one such savvy investor.
According Search on the channel, a leading crypto-analytics platform, Cumberland has taken strategic action following the announcement of the SEC lawsuit against Binance. On June 6, Lookonchain reported that the company quickly withdrew a staggering $67.9 million USDC from Circle, redirecting $67.1 million USDC to Coinbase.
In addition to the previous report, Lookonchain today provided additional information, suggesting that Cumberland seized the opportunity presented by SEC actions against Binance and Coinbase. Notably, Cumberland withdrew 20,000 ETH, equivalent to a substantial $37 million, from Coinbase. They also withdrew 4,850 ETH, worth around $9 million, from Binance. Cumberland also retired various other tokens, including AXS, SHIB, COMP, LINK, CRV, AAVE, and RNDR, further strengthening its position in the market.
These actions taken by a major corporation indicate a strategic response to current circumstances. Such actions can boost the confidence of other market participants, as institutional investors seem to appreciate buying digital assets at a discount.