Cryptocurrency trading firm Cumberland continues to buy from exchanges as the market continues to move upwards.
According to data from blockchain analytics platform Lookonchain, Cumberland withdrew $73 million worth of USDT from the Tether treasury after the Bitcoin price surpassed $59,000. The company withdrew a total of 445 million USDT from the Tether treasury in the past three days and deposited the amount to crypto exchanges such as Coinbase, Kraken, OKX, and Binance.
According to Lookonchain data, Cumberland has provided more than $6 billion worth of liquidity to the crypto markets since October 2023.
Cumberland operates as a subsidiary of market opportunity trading firm DRW. The firm received a BitLicense from the New York State Department of Financial Services (NYDFS) on June 17 and began trading digital currency.
Stablecoins deposited on cryptocurrency exchanges are often thought to be used for buying. Cumberland’s purchase of USDT from Tether’s treasury could indicate that the company’s institutional clients are requesting cryptocurrency purchases.
Cumberland’s trades may have contributed to the rise in Bitcoin and altcoin prices, with Bitcoin trading at $60,886, up 6.5% in the last 24 hours.
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