Cumberland, one of the biggest market makers, is emptying Coinbase and Binance wallets, according to a report by on-chain detective Lookonchain. The company has so far withdrawn 8 altcoins, including ETH. Shortly before that, it sent USDC worth $67 million to both exchanges.
Cumberland is emptying Coinbase and Binance wallets
Cumberland, one of the largest market makers, has recently withdrawn around 25,000 ETH from Coinbase and Binance. Other coins withdrawn from exchanges: AXS, SHIB, COMP, LINK, CRV, AAVE and RNDR.
The company’s withdrawals come amid SEC lawsuits and securities debates. Previously, Cumberland had stopped trading Firecoin. The SEC listed Firecoin as a security token.
It seems that #Cumberland bought from the bottom after the #SEC sued #Binance and #Coinbase news reports.
We noticed Cumberland withdrew 20,000 $ETH($37M) from #Coinbase and 4,850 $ETH($9M) from #Binance.
He also withdrew $AXS, $SHIB, $COMP, $LINK, $CRV, $AAVE, and $RNDR. pic.twitter.com/cpYzQd5C7f
— Lookonchain (@lookonchain) June 7, 2023
Number of non-zero BTC addresses climbing
According to a new report from Glassnode, the number of wallets holding BTC continues to increase despite the US crypto war. The report shows that the number of these addresses has increased by 5.42 million since last year. Wallet analytics have measured growth since two catastrophic crashes in 2022. More than a million addresses were added between the collapse of the Terra/Luna ecosystem and the fall of FTX.
In addition, another 4.36 million non-zero Bitcoin addresses have been added since FTX crashed in November 2022. This trend shows that “network adoption remains stable”.
However, the active addresses metric has remained relatively stable since the crypto market peak in November 2021. Lookintobitcoin currently reports 923,025 active BTC addresses as of June 4. There was a notable drop on May 13, but things quickly improved thereafter.
“Binance users don’t care”
The SEC lawsuits of the week are causing unrest among crypto investors. The US regulator largely went after Binance.US as it was outside the global exchange jurisdiction. As a result, there has been very little BTC outflow from Binance since the sanction action. On June 7, analyst and chart guru Willy Woo said:
Binance doesn’t care about customers. At least I don’t see too many BTC leaving yet.
SEC motions to freeze assets on Binance exchange.
Binance customers don't care. Not seeing much BTC leaving, not yet at least. pic.twitter.com/1zOxfV8vL3
— Willy Woo (@woonomic) June 7, 2023
On June 6, Binance reserves were down by about 10,000 BTC. This amount was only 1.5% of its total and was generally insignificant.
Bitcoin, DOGE, ETH and XRP rally
The BTC and altcoin market is on the rise a day after the SEC lawsuits. The most notable were Bitcoin, DOGE, ETH and XRP. Bitcoin price climbed 4.4% to $26,908 at one point during the day. cryptocoin.comAs we reported, XRP and DOGE have seen a notable increase.
The SEC lawsuits of the week targeting Binance and then Coinbase have been devastating to the market. BTC price bottomed out at $25,587 on June 6th. Bitcoin is currently trading in the $26,827.51 region, recovering over 5%.
