Cumberland Linked Address Receives $372 Million USDT from Tether Treasury
CryptoNewsTerminal Staff07 Aug, 2024
Cumberland Linked Address Receives $372 Million USDT from Tether Treasury
The crypto market has been in a slump lately, but some institutions are taking advantage of the dip to accumulate. Blockchain analytics firm Lookonchain tweeted that several institutions appear to be accumulating. One of these institutions is Cumberland, a crypto market maker. According to Lookonchain, Cumberland's alleged addresses received 372 million USDT from the Tether treasury over the last two days. Cumberland then deposited the funds with Coinbase, Kraken, OKX, and Binance. This move by Cumberland suggests that the company is bullish on the long-term prospects of the crypto market. Despite the recent downturn, Cumberland is confident that the market will rebound and that the current dip is a buying opportunity. Cumberland is not the only institution that is accumulating crypto during the dip. Other institutions that have been reported to be accumulating include hedge funds, venture capital firms, and family offices. This accumulation by institutions is a sign that the crypto market is still seen as a long-term investment opportunity by many. Despite the recent downturn, there is still a lot of interest in crypto from institutional investors.
