Cumberland DRW Transfers $20.8 Million in ETH to Coinbase
CryptoNewsTerminal Staff22 Aug, 2024
Cumberland DRW Transfers $20.8 Million in ETH to Coinbase
Cumberland DRW, a prominent cryptocurrency trading firm, has transferred 8,000 ETH to Coinbase, a leading cryptocurrency exchange. According to blockchain analytics firm Scopescan, the transaction was worth approximately $20.8 million. The transfer was made from four addresses associated with Cumberland DRW. After the transaction, the addresses now hold a total of 5,500 ETH, valued at around $14.5 million. This significant ETH transfer by Cumberland DRW highlights the growing institutional adoption of cryptocurrencies. As more established financial institutions enter the crypto market, it is likely that we will see an increase in large-scale transactions like this one. The transfer also comes amid a period of increased volatility in the crypto markets. The price of ETH has fluctuated significantly in recent weeks, and it is unclear whether this transfer is a sign of bullish or bearish sentiment from Cumberland DRW.
