Smart Whale Cumberland Liquidated 8K $ETH Prior to Market Crash

blockchain.news:

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 vein, another notable entity, FalconX, transferred 37 million $USDC from Circle and channeled 29.5 million $USDC into Binance.

After Cumberland's strategic stablecoin deposit, the cryptocurrency's price saw a temporary decline, bottoming out at $24,800 on June 14, 2023. However, in the following weeks, Bitcoin's market value made a significant recovery, soaring by over 35% to reach $31,804 by July 13. Such astute investment strategies, especially purchasing at depressed prices, have historically yielded substantial returns for institutions like Cumberland.

A brief about Cumberland

Operating as a subsidiary of DRW, Cumberland has been a significant figure in the crypto domain since 2014. With over three decades of experience inherited from DRW, the firm utilizes technology, research, and risk