Benzinga - Notwithstanding the market volatility following the Securities and Exchange Commission's (SEC) charges against Binance for purported violations of the nation's securities laws, blue-chip firms and institutional investors are lapping up the opportunity to purchase tokens at throwaway prices.
Data suggests that some significant crypto transactions have taken place.
Cumberland, a notable crypto trading and market-making firm withdrew a whopping 67.9 million USDC from Circle (CRYPTO: USDC), the stablecoin's issuer, and then transferred 67.1 million USDC into cryptocurrency exchange Coinbase (NASDAQ: COIN).
FalconX, an institutional crypto trading platform, also engaged in sizeable transactions.
They reportedly received 37 million USDC from Circle, then deposited 29.5 million USDC into Binance (CRYPTO: BNB).
FBG Capital, a blockchain investment firm, also seemed to be making its move amidst the legal tension.
Following the SEC lawsuit news, FBG Capital was seen depositing 44 million USDT directly into Binance.
Further insights were revealed regarding a particular savvy investor, known for strategic buying at low prices and selling high.
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This whale deposited 15.9 million USDT into Binance, then withdrew 8,800 Ether (CRYPTO: ETH).
The transactions suggested an average buying price of approximately $1,808 per Ether.
Notably, a crypto whale identified as "0x3eC9" performed significant transactions as well.
This entity withdrew 703,871 USDC and 2,641,144 USDT from Aave (CRYPTO: AAVE), a decentralized finance platform.
Following this transaction, they made a substantial purchase of 1,848 Ether, worth about $3.35 million, at an average price of $1,810 per Ether.
These movements indicate that while the SEC lawsuit against Binance has caused some market disruption, savvy investors and institutions are seizing the opportunity to buy at relatively lower prices, adding an interesting dynamic to the evolving scenario.
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