Millions of Polygons (MATIC) Sent to Binance and Coinbase Ahead of Major Drop: Data | CoinDesk JAPAN | CoinDesk Japan

Crypto trading from major market makers Jump Trading and Cumberland on the evening of June 9 (ET) ahead of a near 30% drop in the Millions of Polygons (MATIC) Blockchain data revealed that there was a high possibility that the money was deposited into the bank.

Analysis firm Lookonchain announced on the 10th that Cumberland will invest 9 million MATIC (approximately 6.3 million dollars, approximately 880 million yen: 1 dollar 140 yen conversion) on Binance, 5 million MATIC (approximately 3.5 million dollars, About 490 million yen) was deposited into Coinbase.

He added that Jump Trading, Robinhood and another wallet linked to Cumberland had deposited a total of 9.4 million MATIC.

These were likely sold on cryptocurrency exchanges in a low-liquidity environment, resulting in MATIC’s sharp price decline. Cardano (ADA) and Solana (SOL) also showed similar price movements, dropping about 25% in 24 hours at the time of writing this article. recovering).

These crypto assets were deemed securities earlier this week in a lawsuit against Binance and Coinbase by the U.S. Securities and Exchange Commission (SEC).

“Altcoins could see further declines this weekend due to thin trading volumes and less active market makers like Binance,” crypto services firm Matrixport told CoinDesk.

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Image: Solana 24-hour price change (CoinDesk)
｜Original: Millions in Polygon’s MATIC Tokens Were Sent to Binance and Coinbase Ahead of 30% Slide, Data Shows