Ethereum

Dollars

Shiba Inu

<figure><img src="https://u.today//sites/default/files/styles/1200x900/public/2023-06/35899.jpg" alt="Cover Image" width="800"
 height="500">
 <figcaption>Cover image via <a href="https://u.today/">U.Today</a></figcaption>
 </figure>Fear and uncertainty have engulfed the crypto market as the SEC takes legal action against prominent exchanges Binance and <a href="https://u.today/xrp-community-reacts-to-latest-sec-action-against-coinbase">Coinbase</a>. However, amid the turbulence, there are indications that institutional investors, whales and so-called smart money are capitalizing on the market dip. Notably, Cumberland, a subsidiary of DRW, a reputable and diversified trading firm, has emerged as one of these astute investors.<a href="https://u.today/ark-invest-bought-coinbase-shares-following-sec-induced-dip-details">card</a>According to <a href="https://twitter.com/lookonchain/status/1666356861845782529?s=20">Lookonchain</a>, a prominent crypto analytics platform, Cumberland made strategic moves following the news of the SEC lawsuit against Binance. On June 6, Lookonchain reported that the firm swiftly withdrew a staggering sum of 67.9 million USDC from Circle, redirecting 67.1 million USDC to Coinbase.<img alt="" data-entity-type="file" data-entity-uuid="dc31da23-1c5a-4ff6-9175-3134a86bb9a9" src="https://u.today/sites/default/files/inline-images/SHIB_7D_graph_coinmarketcap_0.jpeg" />SHIB and ETH to USD by <a href="https://coinmarketcap.com/currencies/shiba-inu/">CoinMarketCap</a>Adding to the previous report, Lookonchain provided further insights today, suggesting that Cumberland seized the opportunity presented by the SEC's actions against Binance and Coinbase. Notably, Cumberland withdrew 20,000 <a href="https://u.today/you-shouldnt-ignore-this-crypto-trading-pair-heres-why">ETH</a>, equivalent to a substantial $37 million, from Coinbase. They also pulled out 4,850 ETH, valued at approximately $9 million, from Binance. Cumberland also withdrew various other tokens, including AXS, <a href="https://u.today/shiba-inu-execs-react-to-big-new-release-for-shib-metaverse">SHIB</a>, COMP, LINK, CRV, AAVE and RNDR, further strengthening their position on the market.<a href="https://u.today/shiba-inu-execs-react-to-big-new-release-for-shib-metaverse">card</a>These moves by a major trading firm indicate a strategic response to the prevailing circumstances. Such actions may serve as a confidence booster for other market participants, as institutional investors appear to see value in purchasing digital assets at a discounted price.

Major Trader Snaps up Shiba Inu (SHIB) and Ethereum (ETH) Dips With Millions of Dollars

U.Today

Other articles published on Jun 7, 2023

Binance CEO counters: Changpeng Zhao speaks out on SEC lawsuit

Early Access 0.12 patch notes

Top 3 Polygon Coins for 2023

Solana price prediction, DeFi exchange, Tradecurve, gearing up for a rally

Attack against Binance and CZ: SEC also targets ADA

ARKScan Updates - Navbar, Search, Top Accounts and New Pages

Join our free newsletter for daily crypto updates!