A previously inactive wallet associated with Cumberland DRW, a major digital asset trader and liquidity provider, has transferred a staggering 650.93 BTC to Coinbase. This transfer, valued at $41.96 million at the time of transfer, occurred approximately four hours ago when the BTC price was at its peak.
On-chain data analysis reveals that these BTC were acquired from multiple DRW addresses six years ago at an average price of about $4,000. If sold at the current market price, the profit would be approximately 15 times the original investment, yielding a profit of around $39.35 million.
Cumberland, a subsidiary of the Chicago-based high-frequency trading company DRW, has a prominent position in the digital asset space. Earlier this year, Cumberland was selected by Fidelity Investments as one of the trading firms to facilitate the buying and selling of bitcoin for Fidelity’s spot bitcoin exchange-traded fund (ETF), which commenced trading in January.
