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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Institutional Investor Sends $445 Million USDT To Exchanges, What Are They Buying?

Scott Matherson
Scott Matherson
9 months ago
3 mins read
USDT

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Este artículo también está disponible en español.

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. 

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During this period, Cumberland has withdrawn a significant amount of Bitcoin from various exchanges, including Coinbase, Robinhood, and OKX, among others.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. 

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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. 

USDT institutional investors
Source: X

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. 

Bitcoin price chart from Tradingview.com
BTC price still above $60,000 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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