Giant Corporate Whale Who Bought Bitcoin at $4,000 Wakes Up and Makes a New Trade in a Surging Market

An address linked to Cumberland DRW, a leading digital asset trading firm, transferred 650.93 BTC worth approximately $41.96 million to Coinbase.

The transaction took place just hours ago and coincides with a period when Bitcoin's market price is at its peak.

The amount of BTC in question had been dormant for three years prior to this latest transfer. Analysis of on-chain data reveals that these funds were first obtained from multiple DRW addresses six years ago, at an average purchase price of approximately $4,000 per Bitcoin. Given the current repricing price of $64,463 per BTC, this transaction could generate a profit of approximately 15 times the initial investment, or approximately $39.35 million.

Cumberland, a major name in digital asset trading and a subsidiary of Chicago-based high-frequency trading firm DRW, was mentioned earlier this year as one of the trading firms chosen for Fidelity Investments spot Bitcoin ETF, which was launched in January.

*This is not investment advice.