1 trillion trading firm purchases the dip invests 20 million in two cryptocurrencies
At the conclusion of the week on Friday, June 14th, the cryptocurrency market experienced a significant crash, leading to altcoins hitting multi-month lows. Despite this downturn, a trading firm displayed a bullish outlook and seized the opportunity to invest nearly $20 million in two specific cryptocurrencies.
Amber Group, a prominent cryptocurrency trading firm, has disclosed a trading volume exceeding $1 trillion since 2017, serving thousands of clients. In 2022, the company managed assets worth an estimated $5 billion exclusively dedicated to cryptocurrency. A recent report by Blockworks revealed that Amber Group was valued at $3 billion following a private funding round, shedding light on their impressive growth.
Recently, Lookonchain uncovered on-chain data indicating that addresses associated with Amber Group were aggressively purchasing during the market dip. One wallet, in particular, withdrew close to $20 million in Ethereum (ETH) and Uniswap (UNI) from exchanges, suggesting a strategic position trade.
The address ‘0x011d19410fc79f140c08ffa8301e4153f17f4e27’ linked to Amber Group withdrew 2,638 ETH from Binance, valued at $9.2 million. Additionally, the firm acquired a substantial amount of UNI through two withdrawals – 547,305 UNI from Binance and 439,749 UNI from Gate.io, totaling 987,054 UNI, worth $10.6 million.
Furthermore, data analyzed by Finbold from Santiment showcased the behavior of whales in the Ethereum and Uniswap ecosystems over the past two years. Interestingly, while Uniswap whales have been offloading their tokens, Ethereum whales have been accumulating them.
As of the latest update, Ethereum is trading at $3,534, showing signs of recovery from a recent dip to $3,376, while Uniswap is priced at $10.92, up from $10.24 on June 14. The recent market crash marked the lowest price of the month for ETH, while UNI hit a monthly low of $8.84 on June 11.
Despite prevailing fear among retail investors based on technical and social indicators, there is a divergence and asymmetry in the market. Whales and institutional players like Amber Group view this as an opportune moment to invest, anticipating potential gains in the near future.
Disclaimer: The information provided in this article is not intended as investment advice. All investments carry inherent risks, and individuals should exercise caution when engaging in speculative activities.