1 TrillionVolume Trading Firm Purchases the Dip Invests 20 Million in Two Cryptocurrencies
At the close of the week on Friday, June 14, the digital currency market experienced a significant drop, with alternative coins hitting lows not seen in months. However, amidst this downturn, one company displayed a positive outlook and decided to take advantage of the situation by investing nearly $20 million in two specific cryptocurrencies.
The trading firm known as Amber Group has revealed that they have conducted over $1 trillion in trading volume since 2017, serving thousands of clients. By 2022, the company had amassed an estimated $5 billion in assets under management (AUM) solely focused on digital assets. A recent report from Blockworks disclosed that the company was valued at $3 billion following a private funding round, providing some insight into their financial standing.
Recent data gathered by Lookonchain has shown that addresses associated with Amber Group have been actively purchasing digital assets during this market dip. Specifically, a wallet linked to the company withdrew nearly $20 million worth of Ethereum (ETH) and Uniswap (UNI) from various exchanges, indicating a strategic trading move.
The address ‘0x011d19410fc79f140c08ffa8301e4153f17f4e27’, connected to Amber Group, withdrew 2,638 ETH from Binance, amounting to $9.2 million, as reported by Lookonchain. Additionally, the company acquired a substantial amount of UNI tokens through two separate withdrawals, totaling 987,054 UNI worth $10.6 million.
In light of this development, Finbold analyzed data from Santiment regarding the behavior of large holders, or whales, in the Ethereum and Uniswap markets over the past two years. Interestingly, it was observed that Uniswap whales have been selling off their tokens while Ethereum whales have been accumulating more.
Since June 15, 2022, whales have added 12.82 million ETH to their holdings while reducing their UNI balance by 51.63 million tokens.
As of the present moment, Ethereum is trading at $3,534, recovering from a low of $3,376, while Uniswap is priced at $10.92, up from $10.24 on June 14. This recent market crash marked the lowest point of the month for ETH, whereas UNI hit its lowest price on June 11 at $8.84.
Despite the prevailing fear among retail investors indicated by technical and social indicators, there is a noticeable disparity in market sentiment. Entities like Amber Group view this as an opportune moment to make strategic investments, which may prove to be profitable in the near future.
Please note that the information provided in this article is not to be construed as financial advice. Investing in digital assets carries inherent risks, and individuals should exercise caution when making investment decisions.
