Cumberland Withdraws $2.17M in SHIB, Accumulates Ethereum-Based Altcoins

Cumberland withdrew $2.17 million worth of SHIB and accumulated various Ethereum-based altcoins over the past week, including AVAX, ETH, LINK, PEPE, and UNI. The total withdrawal for the week amounts to approximately $79.2 million.

On-chain data has revealed significant activity among major cryptocurrency investors, or "whales," following the recent market downturn. Four major whale investors have staked a total of 48 million Falcon Finance (FF) tokens, worth approximately $6.47 million, according to on-chain data Altcoin that Whales Accumulated Immediately After the Drop Is a Surprise^[1].

The staking activity includes:
- Address 0xDda6, which staked 15 million FF ($2.3 million) from Bitget in the last 5 hours.
- 0x484F withdrew and staked 15 million FF ($1.84 million) from MEXC two days ago.
- 0xBbB9 staked 10 million FF ($1.15 million) from Gate two days ago.
- 0xf68C withdrew and staked 8 million FF ($1.18 million) from KuCoin in the last 7 hours.

Additionally, a new wallet, likely belonging to Bitmine, purchased 26,199 ETH (approximately $108 million) through FalconX. This on-chain activity indicates a notable shift in investor sentiment, with whales accumulating altcoins despite the market's recent volatility.

Institutional mobility also attracted attention. Grayscale deposited substantial amounts into Coinbase Prime, including 1,856 BTC ($205.8 million), 29,718 ETH ($151.2 million), and 10,516 SOL ($2 million). BlackRock transferred 93,158 ETH ($364 million) and 704 BTC ($77.67 million) to the same platform. Wallets linked to Matrixport withdrew 4,000 BTC (approximately $454 million) from Binance in the last 20 hours, further underscoring the significant interest in cryptocurrencies from institutional investors Altcoin that Whales Accumulated Immediately After the Drop Is a Surprise^[1].

Separately, Cumberland withdrew $2.17 million worth of SHIB and accumulated various Ethereum-based altcoins over the past week, including AVAX, ETH, LINK, PEPE, and UNI. The total withdrawal for the week amounts to approximately $79.2 million .

These activities suggest a potential bullish sentiment among investors, who are accumulating cryptocurrencies despite the recent market downturn. The on-chain data provides valuable insights into investor behavior and may indicate a potential shift in market trends.