Cumberland Takes Advantage, Withdraws 20,000 ETH From Coinbase

Key Points:

  • Cumberland withdrew significant amounts of ETH, other tokens, and USDC from Coinbase and Binance.
  • It has responded proactively and agile to market conditions, as demonstrated by its recent moves.
  • According to Wu’s report, there are high BTC, ETH, and BNB premiums on Binance U.S., which is essential information for traders to consider.
Cumberland withdrew 20k and 4.8k ETH and other tokens from Coinbase and Binance. They also moved millions of USDC and BUSD amid market changes. Wu reports high premiums for BTC, ETH, and BNB on Binance U.S.

According to Lookonchain, Cumberland withdrew about 20,000 and 4,850 ETH from Coinbase and Binance, respectively, as well as other tokens such as AXS, SHIB, COMP, LINK, CRV, and AAVE. This followed the announcement that Cumberland had halted trading of Firecoin, which had been classified as a security token by the SEC.

Cumberland Takes Advantage, Withdraws 20,000 ETH From Coinbase

Despite these challenges, Cumberland appeared to have taken advantage of the situation and bought at a low point. This was evident when they withdrew 20,000 ETH($37M) from #Coinbase and 4,850 ETH($9M) from Binance, and also withdrew AXS, SHIB, COMP, LINK, CRV, AAVE, and RNDR.

In addition to these moves, Cumberland also withdrew a significant amount of USD Coin (USDC) from Circle, depositing roughly $85M USDC to Coinbase and $3.5M USDC to Binance after the recent lawsuits by the SEC against Binance and Coinbase.

Moreover, Nansen data showed that in the past 24 hours, Cumberland withdrew over 23 million BUSD from Binance and transferred them all to Paxos. These actions demonstrate that Cumberland has responded proactively and agile to market conditions.

Cumberland Takes Advantage, Withdraws 20,000 ETH From Coinbase

Meanwhile, Wu reported that several cryptocurrencies on Binance U.S., such as BTC, ETH, and BNB, had high premiums compared to the Binance market. BTC had a premium rate of 6.3%, ETH of 6.7%, and BNB of 6.4%. This information is essential for traders who are looking to make informed decisions about their investments.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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