Market Maker tier teams are gradually shifting their focus from pushing the price of BTC to ETH and altcoins.
After $1 billion USDT was minted, Tether: Treasury transferred $170 million USDT to Bitfinex.
In the past two days, the amount of money Bitfinex received from Tether: Treasury has reached $440.89 million USDT.
With a large amount of USDT set up on Bitfinex, it will be used to push the price of only BTC, rather than ETH or altcoins.
To put it simply, Bitfinex is currently one of the top 2 holders of BTC, second only to Binance. Therefore, there is a significant supply of $BTC for large entities to accumulate or push the price.
If we pay close attention, we can find a hint here. Usually, when Bitfinex receives USDT to push the price of BTC, Cumberland tends to mint USDT at the same time to cooperate in pushing the price of BTC.
However, while Bitfinex is minting a large amount of USDT, Cumberland has stopped minting USDT. This suggests that Cumberland is gradually shifting its resources towards #ETH and altcoins.
Looking at the recent price pumping of meme coins, it is a similar case study to when Cumberland supported funds for Wintermute and Jumptrading to push the price. The fact that they are continuing to shift their BTC resources to altcoins is a positive signal for many other altcoins.
Note: There may be a certain delay in the short term for this capital flow shift.
