Cumberland Transferred $1.89 Million Worth of ARB to Coinbase Amid Market Volatility
CryptoNewsTerminal Staff24 May, 2024
Cumberland Transferred $1.89 Million Worth of ARB to Coinbase Amid Market Volatility
Cumberland, a prominent crypto market maker, has reportedly transferred 1.6 million Arbitrum (ARB) tokens worth approximately $1.89 million to Coinbase. The transaction was identified and reported by TheDataNerd, an on-chain data-analytics provider, via Twitter. This latest transfer follows a previous transaction where the same Cumberland-affiliated address received 10 million ARB tokens ($10.91 million) from Anchorage Digital, a regulated digital asset custody provider. The address also transferred 8.6 million ARB tokens ($9.9 million) to an unnamed exchange three days ago. The movement of such a significant amount of ARB tokens has raised speculation among market observers, particularly given the recent market volatility. However, the exact reasons behind these transfers remain unknown. Cumberland has not yet publicly commented on the matter.
