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

ETH

The cryptocurrency industry has been overtaken by fear and uncertainty as the SEC pursues legal action against well-known exchanges Binance and Coinbase. In spite of the turmoil, there are signs that whales, institutional investors, and the so-called smart money are taking advantage of the market decline. Notably, Cumberland has emerged as one of these savvy investors. Cumberland is a division of the respected and varied trading company DRW.

Lookonchain, a well-known crypto analytics site, claims that Cumberland took decisive action after learning of the SEC complaint against Binance. On June 6, Lookonchain revealed that the company promptly transferred 67.1 million USDC from Circle to Coinbase while withdrawing a stunning amount of 67.9 million USDC.

Lookonchain added new information to the earlier report today, showing that Cumberland took advantage of the chance afforded by the SEC’s moves against Binance and Coinbase. Notably, Cumberland withdrew from Coinbase 20,000 ETH, or a hefty $37 million. Additionally, they took 4,850 ETH worth almost $9 million off of Binance. Additionally, Cumberland withdrew a number of additional tokens, including AXS, SHIB, COMP, LINK, CRV, AAVE, and RNDR, further solidifying their market dominance.

These actions by a large trading company show a smart reaction to the current situation. As institutional investors tend to perceive value in buying digital assets at a discounted price, such acts may bolster the confidence of other market players.

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