In a strategic move, Cumberland, a prominent player in the crypto space, has unloaded $8,000 ETH, equivalent to $14.4 million, just before the cryptocurrency market collapsed.
According to data from CoinGlass, on August 18, the entire cryptocurrency market witnessed a 7% drop, bringing its total valuation to $1.1 trillion. Notably, the price of Ethereum fell to its lowest level of $1,550, down 15% from its value 24 hours earlier.
After this market crash, Cumberland went on to withdraw $4,000 ETH ($6.72 million) from Binance.
Cumberland’s smart market operations are not new. On June 6, 2023, amid the FUD (Fear, Uncertainty, Doubt) in the market due to the SEC’s lawsuit against Binance, several institutions and whales known as “SmartMoney” were observed buying at lower prices.
During this period, Cumberland moved $67.9 million USDC from Circle then deposited $67.1 million USDC into Coinbase. In the same vein, another notable entity, FalconX, transferred $37 million USDC from Circle and funneled $29.5 million USDC to Binance.
Following Cumberland’s strategic stablecoin deposit, the cryptocurrency’s price saw a temporary drop, reaching a low of $24,800 on June 14, 2023. However, over the following weeks, Bitcoin’s market value recovered significantly, rising more than 35% to reach $31,804 on July 13. Such smart investment strategies, especially low-cost purchases, have historically produced significant returns for institutions like Cumberland.
A brief explanation of Cumberland
Operating as a subsidiary of DRW, Cumberland has been a major figure in the crypto domain since 2014. With more than three decades of inherited experience from DRW, the company uses technology, research and risk management to provide institutions with strategic market opportunities. Their services span traditional voice markets as well as advanced electronic trading solutions, including platforms such as Marea and an API. Their collaborations with industry giants such as Bloomberg in areas such as data, research and media further emphasize their influential position in the crypto ecosystem. Cumberland’s deep-rooted knowledge of Web3 verticals and their contribution to growth cements their position as a preferred partner in the digital markets.
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