Cumberland bold investment strategy as they inject $95 million into the crypto market amid recent fluctuations. Learn how this significant move aligns with their broader approach to market opportunities and their impact on the crypto landscape. Since 2023, the giant has invested almost $6.28 billion in the crypto market.
Blockchain analysis firm Lookonchain announced on August 7, that the firm has received $95 million of Tether from the stablecoin issuer’s treasury. After getting the huge amount, Cumberland distributed USDT to Coinbase, Kraken, and OKX.
Cumberland, a part of the trading firm DRW, takes advantage of market changes. On June 17, it got its BitLicense from the New York State Department of Financial Services, which gave it the green light to work as a digital currency business.
Cumberland took the advantage of cryptocurrency blood bath when the industry saw the biggest seel off of the year on Aug 5, losing $500 billion from the total market capitalization.
The price drop occurred alongside a decline in stock values. Additionally, major U.S. tech companies such as Microsoft and Nvidia reported weaker-than-expected results, which led to a loss of investor confidence in the markets.
Whale eyes on the dip
Not only Cumberland bold investment, but other whales are also buying assets at a low price. According to a recent report of on-chain, total Bitcoin purchases in the last 30 days reached a figure of $23 billion.
CryptoQuant founder and CEO Ki Young Ju thinks “something is going on behind the scenes” because 404,448 BTC was moved to long-term holder addresses last month. He believes that within a year, traditional financial institutions will reveal they bought BTC in the third quarter of 2024.
Apart from crypto giants, some miscellaneous activities are also witnessed in the market. On Aug 5, a mastermind behind the 2022 Nomad bridge hack purchased 16,892 Ether from its stolen crypto Dai. The hacker spent $39.75 million to purchase a second famous cryptocurrency.
After making a purchase, the mastermind quickly transferred the funds into Tornado Cash, a crypto-mixing service to launder the asset.
