Institutions Pour $95 Million in Tether into Exchanges—Big Move Amid Market Dip!
The post Institutions Pour $95 Million in Tether into Exchanges—Big Move Amid Market Dip! appeared first on Coinpedia Fintech News
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.
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!
— Lookonchain (@lookonchain) July 17, 2024
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
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.
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.
