Market maker Cumberland could have purchased the dip as knowledge confirmed the agency shifting thousands and 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, in response to LookOnChain knowledge.
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 stoop on Aug. 5, when Bitcoin (BTC) dipped under $50,000, and the full cryptocurrency market plunged to $1.8 trillion.
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Crypto costs have recovered some losses since then, with Bitcoin (BTC) crossing $61,000 as of this writing. In response to TradingView, the full crypto market has additionally surged 12% prior to now week. This uptick means that Cumberland could already be in revenue if the market maker used the $1 billion USDT to amass a basket of cryptocurrencies.
24-hour BTC chart on Aug. 13 | Supply: crypto.information
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 12 months to over $32 billion.
The stablecoin advanced has surpassed $160 billion in market cap, however corporations pay pennies to concern new tokens into circulation. Arkham confirmed that Tether paid lower than $1 in on-chain charges for its newest Ethereum stock restock.
TETHER MINTS $1 BILLION USDT
Guess how a lot they paid?
… 53 cents. https://t.co/QqXXg7x96g pic.twitter.com/AJoaFaOUkc
— Arkham (@ArkhamIntel) August 13, 2024
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