Market maker Cumberland may have capitalized on the recent market dip, moving significant amounts in Tether stablecoins to centralized exchanges. Since August 6, Cumberland has transferred over $1 billion in Tether (USDT) to platforms like Binance, Coinbase, and Kraken.

Market makers play a crucial role in providing liquidity within financial ecosystems and often engage in asset accumulation strategies to bolster profits or revenue. Cumberland’s aggressive deposits to centralized exchanges followed the global market downturn on August 5, when Bitcoin dipped below $50,000, and the total cryptocurrency market value dropped to $1.8 trillion.

Crypto Prices Recover

Since the market slump, cryptocurrency prices have rebounded. Bitcoin (BTC) has crossed $61,000, marking a significant recovery. According to TradingView, the total crypto market surged by 12% in the past week. This uptick indicates that Cumberland might already see profits if the market maker utilized the $1 billion USDT to acquire a diverse portfolio of cryptocurrencies.

Meanwhile, stablecoin issuer Tether continued its minting streak, creating $1 billion in new USDT tokens on Ethereum.

This addition brings Tether’s total issuance for the year to over $32 billion. The stablecoin sector has now exceeded a $160 billion market cap. Despite this vast issuance, firms incur minimal costs to introduce new tokens into circulation. Arkham reported that Tether paid less than $1 in on-chain fees for its latest Ethereum inventory restock.

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