Key Points
Cumberland has received $75 million in USDT from Tether Treasury and transferred the funds to exchanges. The price of Bitcoin surpassed $60,000 earlier today.
According to recent reports from Lookonchain, a significant on-chain movement occurred again today. In a post on X, Lookonchain revealed that Cumberland received $75 million in USDT from Tether Treasury and subsequently transferred the funds to exchanges.
Earlier today, Lookonchain reported that institutions appear to have temporarily halted their buying activity, resulting in a 4.5% drop in Bitcoin’s price on the morning of August 12.
Additionally, they disclosed that institutions stopped receiving USDT from Tether Treasury two days ago, leading to 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 by Lookonchain.
On August 9, Tether Treasury sent $516.25 million in USDT to a Kraken deposit address and another $52 million in USDT to a different Kraken deposit address. Both addresses subsequently transferred the funds directly to Kraken. Tether Treasury also sent $740 million in USDT to the Cumberland address, which then transferred the funds to Kraken, OKX, Coinbase, Bullish, and Binance.
On August 7, it was reported that Lookonchain revealed Cumberland had received $95 million in USDT from Tether Treasury and deposited it at exchanges, including Coinbase, Kraken, OKX, and Forwarder. On the same day, Lookonchain noted 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 movements suggest that institutions have begun purchasing again.
Bitcoin Price Near $60,000
Regarding the Bitcoin price today, at the time of writing, BTC is trading close to $60,000 after reaching nearly $60,600 earlier.
Today, the price of Bitcoin dropped below $58,000 due to recession fears and geopolitical tensions, among other factors. However, Bitcoin whales have recently accumulated coins, as noted by CryptoQuant CEO Ki Young Ju, who highlighted that something significant has been occurring behind the scenes recently, mentioning that over $23 billion has been invested in BTC over the last 30 days. According to his post on X, we will find out who the entities buying are sometime next year.
