The cryptocurrency market has seen a flurry of activity from major institutional players over the past few days, with several large investors making significant transactions on various crypto assets such as the RNDR coin. Here’s a breakdown of some of the most notable moves…
Cumberland doubles its USDT investment
On May 20, Cumberland DRW, a well-known trading firm based in Chicago, further strengthened its holdings of Tether (USDT), a stablecoin pegged to the US dollar. According to Scopescan tracking, the firm’s corresponding address received a staggering 100 million USDT. This follows a previous transaction on May 17 where 65 million USDT arrived at the same address. Interestingly, Cumberland DRW has diversified its holdings by distributing USDT across multiple centralized exchanges (CEX) such as OKX, Coinbase, Binance, and Kraken. This strategic allocation suggests that the firm can prepare for increased market volatility or potentially anticipate arbitrage opportunities across different trading platforms.
There are companies that collect and sell SAFE
Blockchain analysis firm The Data Nerd reported significant activity in a wallet connected to leading cryptocurrency market maker GSR. Over the past three weeks this wallet has accumulated SAFE. Data Nerd identified two significant transactions: a withdrawal of 1.08 million SAFEs (about $2.37 million) from Gate.io and Bybit on May 20, and another withdrawal of 4.11 million SAFEs (about $7.85 million). Pre-transfer to GSR linked address (0x63F). These transactions bring GSR’s total SAFE assets to 5.19 million, with the current valuation exceeding $10 million. This significant investment from a major player like GSR could be an important vote of confidence for the SAFE project and increase interest in cryptocurrency.
As GSR enters the SAFE scene, another major player appears to be emerging, leading crypto finance firm Amber Group. Spot On Chain, another blockchain data provider, revealed that a wallet suspected to be affiliated with Amber Group withdrew an additional 1.08 million SAFE (approximately $2.37 million) from CEXs in the last three hours. This pullback adds to a larger trend observed since April 27, when Amber Group systematically withdrew 5.19 million SAFE (approximately $11.09 million) from Bybit and Gate.io. Although the specific reasons behind this divestiture remain unclear, this may indicate a change in Amber Group’s investment strategy or a potential lack of confidence in SAFE’s future prospects.
Institutional interest for RNDR coin
Data Nerd also detected significant activity around Render Network (RNDR), a decentralized computing platform. On May 20, an address tagged 0x1Cb deposited 265,000 RNDR tokens (approximately $2.78 million) to Binance. Interestingly, this address also increased its holdings by another 365,000 RNDR coins three weeks ago, at an average cost of $9.20 per token. This suggests that a large investor has a potentially bullish view on RNDR, with the remaining balance of 100,000 RNDR still being held at the address. Increasing institutional interest in RNDR may indicate its potential for greater adoption and price appreciation.
Huge action for WIF
Finally, blockchain analysis platform Lookonchain reported a fascinating move by “whale,” a term used for investors with exceptionally large holdings. This whale created a brand new wallet address and instantly withdrew 1.83 million USDC from leading cryptocurrency exchange Coinbase. It is noteworthy that Whale has already used a significant portion of these funds, spending approximately 606,000 USDC to purchase 227,896 dogewifhat (WIF) tokens at an average price of $2.66 each. With more than $1.22 million USDC remaining, speculation continues as to whether the whale will continue to accumulate WIF or use the remaining funds to invest in other crypto assets.
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