A recent analysis of on-chain data has revealed that Jump Trading, a leading algorithmic trading firm, has purchased large quantities of Chainlink (LINK) tokens from Cumberland, a crypto-focused subsidiary of DRW Holdings.
Jump Trading Bought A Large Amount Of LINK Altcoins Through Cumberland
According to the data, Cumberland has withdrawn $2.2 million worth of LINK from Binance and Gemini exchanges since May 10 and sent them to wallets with many small orders. From there, they transferred $1.75 million worth of LINK to Jump Trading's wallet.
This indicates that Jump Trading purchased LINK via Cumberland, possibly to avoid moving the market price. Cumberland transferred the remaining $320,000 worth of LINK to another wallet address for temporary storage.
On the other hand, Jump Trading distributed LINK from Cumberland, the main wallet address, and distributed the LINK it previously owned to another wallet address. This wallet address only sent LINK to another wallet, which currently holds 2.4 million LINK, which corresponds to $15.55 million.
The analysis also indicated that in the past, whenever Jump Trading's LINK balance increased, LINK experienced strong growth spurts.
*Not investment advice.
