In a strategic move, Cumberland, a prominent player in the crypto space, offloaded 8,000 $ETH, equivalent to $14.4 million, just before the cryptocurrency market took a downturn.
As per data from CoinGlass, the entire cryptocurrency market witnessed a 7% decline on August 18, reducing its total valuation to $1.1 trillion. Ethereum’s price notably dipped to its lowest at $1,550, marking a 15% decrease from its value 24 hours prior.
Following this market crash, Cumberland proceeded to withdraw 4,000 $ETH ($6.72 million) from Binance.
Cumberland’s astute market operations aren’t new. On June 6, 2023, amidst the market’s FUD (Fear, Uncertainty, Doubt) due to the SEC’s lawsuit against Binance, several institutions and whales, termed as “SmartMoney”, were observed purchasing at lower prices.
During this period, Cumberland moved 67.9 million $USDC out of Circle and subsequently deposited 67.1 million $USDC into Coinbase. In a similar…
