Institutional Investor Sends $445 Million USDT To Exchanges, What Are They Buying?
August 09 2024 - 10:00AM
NEWSBTC
Institutional investors have already shown how bullish they are on
Bitcoin (BTC) and the broader cryptocurrency market, as they have
continued to accumulate with USDT, especially during every dip.
This bullish sentiment was again on display as this institutional
investor sent $445 million USDT to exchanges to buy more
crypto. Cumberland Sends $445 Million USDT To Exchanges The
on-chain analytics platform Lookonchain revealed in an X (formerly
Twitter) post that crypto trading firm Cumberland has deposited the
$445 million it received from the Tether Treasury into different
exchanges. Data from the on-chain analytics platform Arkham
Intelligence shows that Cumberland used the USDT funds to buy more
crypto, with Bitcoin accounting for most of the firm’s purchases in
the last 24 hours. Related Reading: Ripple Vs. SEC Lawsuit
Ends: Will The XRP Price Cross $3 Once More? During this period,
Cumberland has withdrawn a significant amount of Bitcoin from
various exchanges, including Coinbase, Robinhood, and OKX, among
others. This development coincides with the flagship crypto’s
recent break above $60,000, highlighting the increased buying
pressure that Bitcoin has witnessed thanks to institutional
investors like Cumberland. The Spot Bitcoin ETF issuers have
also bought a significant amount of Bitcoin in the last 24 hours,
thanks to the net inflows recorded on August 8. Data from Farside
Investors shows that these funds witnessed net inflows of $194.6
million that day. This was the second consecutive day of net
inflows for these funds, having witnessed inflows of $45.1 million
on August 7. Some other investors, including retail
investors, showed confidence in Bitcoin and the broader crypto
market during this recent market crash. Lookonchain noted that
Binance experienced a net inflow of $2.4 billion since the market
drop on August 5. This includes a net inflow of $1.33 billion USDT
and $519 million USDC, as these investors looked to buy more crypto
and add to their positions. What Next For Bitcoin? Bitcoin is
back above $60,000 following its drop below $50,000 on August 5.
Considering there are still concerns on the macro side, there are
fears that this Bitcoin rebound might be a relief bounce rather
than a bullish reversal. However, crypto analyst Mikybull Crypto is
convinced that Bitcoin has found its bottom and is set to enjoy an
uptrend from here on. Related Reading: Crypto Analyst
Identifies Mid-Cap Altcoin Set To Surge 1,100% In a recent X post,
he again alluded to the Volatility Index (VIX), which he noted
gives all signs that the macro bottom is in. He remarked that the
next markup phase will be “violent.” In the meantime, Bitcoin
holding above $60,600 will be key to confirming this bullish
reversal. Crypto analyst Rekt Capital stated that continued
stability above this level would allow Bitcoin to revisit the
$65,000 price level over time. At the time of writing,
Bitcoin is trading at around $60,900, up over 7% in the last 24
hours, according to data from CoinMarketCap. Featured image
created with Dall.E, chart from Tradingview.com
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