Cumberland Address Moves $660 Million USDT Amidst Market Recovery
CryptoNewsTerminal Staff08 Aug, 2024
Cumberland Address Moves $660 Million USDT Amidst Market Recovery
Cumberland, a prominent cryptocurrency market maker, has deposited 660 million USDT to exchanges following a 5-day market slump. Spot On Chain, an on-chain analytics platform, reported these transactions on Twitter. According to Spot On Chain, the Cumberland-attributed address received the funds from the Tether Treasury after the recent market downturn. The address then disbursed 607 million USDT to multiple centralized exchanges. These transfers signal potential market recovery and increased activity on centralized exchanges. Cumberland's moves may be related to rebalancing its trading positions or providing liquidity to exchanges.
