Market maker Cumberland could have purchased the dip as knowledge confirmed the agency transferring tens of millions 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 keeping with LookOnChain knowledge.
Market makers present liquidity in monetary ecosystems and typically undertake an asset accumulation technique to buffer earnings or income. Cumberland’s CEX deposit spree started simply after the worldwide market droop on Aug. 5, when Bitcoin (BTC) dipped under $50,000, and the overall 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 accordance with TradingView, the overall crypto market has additionally surged 12% up to now week. This uptick means that Cumberland could 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 cost 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 companies pay pennies to subject new tokens into circulation. Arkham confirmed that Tether paid lower than $1 in on-chain charges for its newest Ethereum stock restock.