Market maker Cumberland might have purchased the dip as information confirmed the agency transferring hundreds of thousands in Tether stablecoins to centralized exchanges.
Since Aug. 6, Cumberland has despatched over $1 billion in Tether (USDT) to CEX platforms like Binance, Coinbase, and Kraken, based on LookOnChain information.
Market makers present liquidity in monetary ecosystems and typically undertake an asset accumulation technique to buffer income or income. Cumberland’s CEX deposit spree started simply after the worldwide market hunch on Aug. 5, when Bitcoin (BTC) dipped under $50,000, and the entire cryptocurrency market plunged to $1.8 trillion.
Crypto costs have recovered some losses since then, with Bitcoin (BTC) crossing $61,000 as of this writing. In line with TradingView, the entire crypto market has additionally surged 12% up to now week. This uptick means that Cumberland might already be in revenue if the market maker used the $1 billion USDT to accumulate a basket of cryptocurrencies.
In the meantime, stablecoin issuer Tether continued its minting streak. The fee agency created $1 billion in new USDT tokens on Ethereum (ETH), bringing its tally for the yr to over $32 billion.
The stablecoin advanced has surpassed $160 billion in market cap, however companies pay pennies to situation new tokens into circulation. Arkham confirmed that Tether paid lower than $1 in on-chain charges for its newest Ethereum stock restock.