Key Points
- Cumberland received $75 million in USDT from Tether Treasury and transferred it to exchanges.
- Bitcoin price bounced back above $60,000 earlier today.
According to the latest reports from Lookonchain, there has been significant on-chain movement again today.
In a post on X, Lookonchain revealed that Cumberland received $75 million in USDT from Tether Treasury and transferred the funds to exchanges.
Earlier today, Lookonchain reported that institutions seemed to have temporarily stopped buying and the price of Bitcoin dropped by 4.5% early morning on August 12.
They also revealed that institutions stopped receiving USDT from Tether Treasury two days ago, so there’s been a pause in transfers to exchanges.
On August 9, $1.3 billion in USDT was transferred again from Tether Treasury to exchanges according to another post from Lookonchain.
On August 9, Tether Treasury sent $516.25 million in USDT to a Kraken deposit address and another 52 million USDT to another Kraken deposit address. Both these addresses then sent the funds to Kraken directly.
Also, Tether Treasury sent $740 million in USDT to Comberland’s address which then transferred the funds to Kraken, OKX, Coinbase, Bullish, and Binance.
On August 7, we also reported that Lookonchain revealed that Cumberland received $95 million in USDT from Tether Treasury and then deposited to exchanges including Coinbase, Kraken, OKX, and Forwarder.
On the same day, Lookonchain was noting that since October 20, 2023, Cumberland had injected over $6 billion in USDT into the crypto market.
Cumberland is a highly experienced and professional crypto trading firm.
The latest on-chain movement suggests that institutions have begun buying the dip again.
Bitcoin Price Near $60,000
Regarding Bitcoin’s price today, at the moment of writing this article, BTC is trading near $60,000, after reaching almost $60,600 earlier.
Today, Bitcoin price dropped to levels below $58,000 due to recession fears and geo-political tensions among other factors.
However, Bitcoin whales have been recently accumulating coins as noted by CryptoQuant CEO, Ki Young Ju who highlighted that something significant was happening behind the scenes lately and noted that over $23 billion poured into BTC in the past 30 days.
According to his post on X, we’ll know who the buying entities are sometime next year.
