Institutions Pour $95 Million in Tether into Exchanges—Big Move Amid Market Dip!
coinpedia.org 07 August 2024 10:24, UTC -
Institutions Inject $95 Million Tether into Exchanges Amid Market Dip.
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Cumberland Adds $6.28 Billion to Crypto Market Since October 20, 2023.
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Cumberland Secures BitLicense, Enhancing Market Position and Trading Capabilities.
With the global crypto market cap has risen by 4.66% to $2.03 trillion, although the total trading volume has decreased by 39.85% to $99.79 billion. Big investors have begun to put in more money, and there have been large transactions with Tether’s stablecoin, USDT.
Meanwhile, Cumberland, a major player in the crypto industry, has injected 6.28B substantial funds into the crypto market since Oct 20, 2023.
Cumberland received 95M $USDT
According to Lookonchain, a prominent blockchain analytics platform, Cumberland, a major player in the crypto space, has received 95 million USDT from the Tether Treasury. Meanwhile, this large amount was then deposited into major exchanges like Coinbase, Kraken, OKX, and Forwarder.
Institutions have begun to inject funds into the crypto market and buy the dip!#Cumberland received 95M $USDT from #TetherTreasury and deposited it to #Coinbase, #Kraken, #OKX and Forwarder today.#Cumberland has injected 6.28B $USDT into the crypto market since Oct 20, 2023.… pic.twitter.com/sGIlP6E8aV
— Lookonchain (@lookonchain) August 7, 2024
Cumberland’s activity highlights a growing trend among institutional investors to “buy the dip,” taking advantage of lower prices in the crypto market. Since October 20, 2023, Cumberland has injected an impressive 6.28 billion USDT into the crypto market.
This ongoing investment shows their confidence in the long-term potential of digital assets, even with recent market ups and downs.
Cumberland’s Massive USDT Influx
Cumberland recently received a substantial amount of USDT from the Tether Treasury. This isn’t the first time, as last month, on July 17, Cumberland received an inflow of 246.6 million USDT after a period of inactivity. This suggests a strategic return to active trading, possibly due to favorable market conditions or new investment opportunities.
Institutions continue to inject funds into the crypto market!
In the past 40 hours, #Cumberland has received 246.6M $USDT from #TetherTreasury and deposited it into #Kraken, #Coinbase and #OKX.https://t.co/J6VcZ2QN6C pic.twitter.com/UY1rKIm3QJ
— Lookonchain (@lookonchain) July 17, 2024
Cumberland Received BitLicense
As a subsidiary of the Chicago-based high-frequency trading firm DRW, Cumberland has been making notable strides in the crypto space. Last month, the firm secured a BitLicense from the New York State Department of Financial Services (NYDFS), which permits its New York-based operations to engage in virtual currency activities.
We are pleased that the New York State Department of Financial Services has granted Cumberland New York a BitLicense. We are deeply committed to working with regulators to obtain proper, necessary licensing and ensuring our business is compliant and aligned with regulatory…
— Cumberland (@CumberlandSays) June 17, 2024
This regulatory approval enhances Cumberland’s market position. Earlier this year, the firm was selected by Fidelity Investments to trade Bitcoin for its spot Bitcoin exchange-traded fund (ETF), which launched in January.
