- Cumberland withdraws 37,500 ETH worth $69 million from Binance and Coinbase.
- Financial institutions and companies strategically purchase at a low point.
- Despite SEC’s regulatory actions, institutions and high-volume traders remain unperturbed.
According to Lookonchain, a leading Web3 data analysis platform, Cumberland, a prominent crypto asset trading company, has recently made significant withdrawals. Specifically, Cumberland has withdrawn 8,250 ETH from Binance and 4,500 ETH from Coinbase, in addition to 20,000 ETH and 4,850 ETH withdrawn earlier. Cumberland has withdrawn a staggering 37,500 ETH, valued at approximately $69 million at the time of reporting. These findings demonstrate the company’s significant activity in the crypto market and highlight the importance of monitoring such movements.
According to Lookonchain, a significant outflow from the crypto market may be attributed to financial institutions and companies strategically purchasing at a low point following a negative impact on the market.
Cumberland’s actions suggest a positive outlook on the future of ETH’s value as they seize the current advantageous opportunity. It has been reported that the recent decline in the crypto market can be attributed to the rise of FUD following the SEC’s lawsuit against Binance and Coinbase.
In addition to the top-performing altcoin, the Web3 data analysis platform has noted that Cumberland has also conducted transfers of various altcoins, including AXS, SHIB, COMP, LINK, CRV, AAVE, and RNDR. Despite the SEC’s recent regulatory actions against the crypto industry, numerous institutions and high-volume traders have remained unperturbed, viewing the situation as a fortuitous turn of events.
The decline of ETH presented a favorable opportunity for astute traders contemplating acquiring this prominent altcoin, given its impressive market capitalization.
As per the latest update from CoinMarketCap, Ethereum (ETH) experienced a slight dip of 1.41% within 24 hours. The current market value of this top altcoin stands at $1,844.29, with a weekly performance that saw a 0.93% decline into the negative territory. The trading volume also witnessed a drop of 23.95%, amounting to $1,382,958,513. These figures indicate a minor setback for ETH, but the overall market sentiment remains stable and optimistic.
Upon analyzing the 3-hour ETH/USD chart, it is evident that the candlesticks have ventured into the weaker territory, trading in the lower half of the Bollinger Band. The substantial gap between the upper and lower bands also signifies a market with heightened volatility.
In the final week of May, ETH made a notable ascent towards the Support 2 area and was observed trading within the current recovery point.
The candlesticks have recently undergone a Bollinger Band squeeze, resulting in a breakout in the lower half. Additionally, the significant decline in ETH’s value may be attributed to the FUD circulating in the crypto market as of late.
As the lower band ascends, the possibility of a decrease in volatility arises. In such a low-volatility market, the candlesticks of ETH may oscillate between the Support 2 and the Weak Resistance levels for a considerable period. However, if the altcoin continues to garner positive backing from institutional investors and whales, it could effortlessly surpass the recovery point.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
