In a significant market development, Bitcoin has surged past the $60,000 mark, signaling renewed investor enthusiasm.
Recent data highlights notable institutional activity surrounding the cryptocurrency, particularly involving Cumberland and Tether Treasury.
Over the past 24 hours, Cumberland has received $73 million in USDT from Tether Treasury. This influx is part of a broader trend, with Cumberland having received a total of $445 million in USDT from Tether Treasury in the last two days alone. These funds have been swiftly deposited into various exchanges to capitalize on the market’s rebound.
The #Bitcoin price breaks through $59,000!#Cumberland received 73M $USDT from #TetherTreasury again just now!#Cumberland has received 445M $USDT from #TetherTreasury in the past 48 hours and deposited it into exchanges.https://t.co/SvaBUEpz2J pic.twitter.com/NMyVLq0KQ6
— Lookonchain (@lookonchain) August 8, 2024
$270 Million USDT Moved To Different Central Exchanges
Spotonchain data reveals that Wallet 0x1db, which is likely associated with Cumberland, transferred $270 million in USDT from Tether Treasury to central exchanges over the last day. This move comes on the heels of a market dip observed on August 5, after which the wallet received $660 million from Tether.
Subsequently, $607.3 million was injected into several major exchanges, including $333 million to Coinbase, $118.5 million to Kraken, $72.4 million to Binance, $51.5 million to OKX, and $32 million to Bullish. This aggressive buying strategy suggests that institutions are actively seeking opportunities during market corrections.
Wallet 0x1db (likely #Cumberland) transferred 270M $USDT from the #TetherTreasury to CEXs in the past 24 hours as the market rebounded!
After the market dipped on Aug 5, this wallet received 660M $USDT from the Tether and then injected 607.3M $USDT to various exchanges,… pic.twitter.com/VdjpGLybBA
— Spot On Chain (@spotonchain) August 9, 2024
In addition, Circle has minted an additional $250 million in USDC on the Solana blockchain, bringing the total minted on Solana since May 21 to $3.75 billion. This ongoing minting activity underscores the growing demand and confidence in stablecoins within the crypto ecosystem.
Circle minted 250M $USDC on #Solana again 4 hours ago!#Circle has minted a total of 3.75B $USDC on #Solana since May 21.https://t.co/xwTSiEOI3e pic.twitter.com/DidNZvIA6H
— Lookonchain (@lookonchain) August 8, 2024
These developments indicate a robust and dynamic market environment, driven by significant institutional investments and strategic capital flows.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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