Key Points
- Institutions inject funds into the crypto market and buy the dip.
- Cumberland deposited $95 million in USDT to exchanges, amidst Bitcoin whale accumulation.
Following the recent market dip recorded on August 5, institutions have begun injecting funds into the crypto market and buying the dip.
According to the latest reports from Lookonchain, Cumberland has received $95 million in Tether (USDT) from Tether Treasury and deposited it to exchanges including Coinbase, Kraken, OKX, and Forwarder today.
$6.28B in USDT Since 2023
In a post on X, Lookonchain notes that Cumberland injected $6.28 billion in USDT into the crypto market since October 20, 2023. Cumberland is a highly experienced and professional crypto trading firm.
Lookonchain also shared a graph providing data from Etherscan.io, showing the moves made by Cumberland since last year.
Institutions saw the recent dip as an opportunity to win big.
Whales Accumulate $23B in Bitcoin
Speaking of big players who accumulate, the latest reports from the founder and CEO of CryptoQuant, Ki Young Ju, 404,448 Bitcoins worth around $23 billion at current prices have been moved to permanent holder addresses in a recent accumulation phase.
In a post on X from a few hours ago, he said that there’s something significant going on behind the scenes and the latest moves to permanent whales are definitely accumulation.
Ki Young Ju noted that we’ll probably know who these entities are in a year.
He predicted that about a year from now, some entities that might be TradFi institutions, companies, governments, or others will announce that they had acquired Bitcoin in the third quarter of 2024.
Ki Young Ju said that retail investors will then regret not buying due to various worries including the recent selling from the German Government, the moves made by the defunct exchange Mt. Gox, or all kinds of macroeconomic events.
Regarding the price of Bitcoin today, at the moment of writing this article, BTC is trading above $57,000, after the August 5 dip below $50,000. Today, the coin is up by over 2%.
