Key market makers Jump Trading and Cumberland took action during the night, according to blockchain data. These two companies sent millions worth of Polygon (MATIC) to crypto exchanges on Friday night ahead of a nearly 30 percent drop in the altcoin project. The receiving exchanges in the transaction were Binance and Coinbase. Here are the details…
Altcoin MATIC posted to Binance and Coinbase
Companies like analytics firm Lookonchain, 0xScope, said in multiple tweets on Saturday that Cumberland has invested over $6.3 million in 9 million MATIC on Binance and $5 million on Coinbase worth $3.5 million. The firm added that another crypto wallet related to Cumberland, Jump Trading and Robinhood has deposited 9.4 million cumulatively on crypto exchanges. These deposits were likely sold on crypto exchanges in an illiquid environment. It contributed to a sudden price drop in MATIC tokens. Currently, MATIC is down 24 percent.
Similar price movements have been seen in Cardano (ADA) and Solana (SOL) tokens, which have fallen by up to 25 percent in the last 24 hours. The tokens were likely hit after they were claimed as securities in multiple US Securities and Exchange Commission (SEC) filings against crypto exchanges Binance and Coinbase earlier this week. That’s why crypto services firm Matrixport said more sales of major tokens can be expected over the weekend. “Altcoins could drop further this weekend as trading volumes are weak and market makers like Binance are becoming less active,” the firm said.
On-chain data shows that over 22.52M $MATIC transferred out from #Jump controlled #robinhood address for the past 24H.
19.22M $MATIC ($14.3M) was transferred to #cumberland and #B2C2 and ended up being deposited to #binance & #coinbase .
address:https://t.co/sH1Encg8c6 pic.twitter.com/NSiNtReEqw
— 0xScope (@ScopeProtocol) June 10, 2023
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