Whales profit from crypto crash after SEC indictments

The warpath of the American Securities and Exchange Commission (SEC) has now been shifted into a higher gear. Yesterday, Binance and its CEO Changpeng Zhao (CZ) were charged by the SEC, but today the financial regulator managed to get a spot in the crypto news again with a new indictment. Less than 24 hours after Binance received a laundry list of indictments, Coinbase is now the next victim.

In the midst of the current turmoil, the crypto market is turning red. While one investor dumps his crypto on the market out of fear, others see the uncertainty in the market as a perfect buying opportunity. On chain data now shows that major players in the market are not deterred by the current price declines.

Major players benefit from crypto decline

”But the dip” is a term you have probably heard a lot in the crypto land. Many convinced investors see lower prices as a discount.

First suggests Lookonchain that Cumberland, a market maker company for institutional parties, has withdrawn 67.9 million USD Coin (USDC) from issuer Circle and sent 67.1 million USDC to Coinbase. The fact that these stablecoins are being sent to a crypto exchange like Coinbase is an indication that the company is preparing to enter the market.

In addition, Lookonchain revealed that institutional crypto trading platform FalconX also received USD 37 million from Circle before sending USD 29.5 million to Binance.

Meanwhile, blockchain investment firm FBG Capital seems to have 44 million USDT to Binance sent after the news of the Binance indictment came out.

Moreover identified Lookonchain a wallet that sent 15.9 million USDT to Binance before withdrawing 8,800 ether (ETH), yielding an average buy price of $1,808.

Finally, Lookonchain clears a crypto whale at mock who has withdrawn 703,871 USDC and more than 2.5 million USDT from the popular DeFi platform Aave before buying about 3.35 million worth of ether at an average ETH price of $1,810.

Bitcoin and altcoins in red

Amid the SEC’s hunting season, few cryptocurrencies have managed to escape the current crash. Bitcoin has fallen from $26,800 to a low of around $25,350. Altcoins are also being hit harder by the current thunder in the crypto country, but at the time of writing, many cryptocurrencies are seeing a small increase. The bitcoin price is currently just below $ 26,000.

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