Cumberland, the crypto trading arm of DRW Holdings, withdrew 14,800 Ethereum valued at approximately $31 million from Coinbase on Friday, doubling down on digital asset accumulation amid ongoing market volatility, according to data tracked by Lookonchain.
The Cumberland-labeled wallet currently holds almost 457,000 ETH worth over $940 million.
The latest transfer follows Cumberland’s Thursday move. Data shows that wallets linked to the entity pulled 46,620 ETH worth nearly $100 million from Coinbase, Binance, and Copper.
Ethereum’s position as the second-largest crypto asset by market capitalization makes it a natural focus for institutional allocation strategies.
The network’s ecosystem of decentralized applications, its staking yield potential, and its role as collateral across lending protocols provide multiple use cases that may appeal to institutional portfolios seeking digital asset exposure beyond Bitcoin.
Ethereum was trading at around $2,000 at press time, down 3% in the last 24 hours, per CoinGecko.
DRW Holdings, Cumberland’s parent company, operates as one of the largest proprietary trading firms globally with operations spanning traditional financial markets and digital assets.
The firm established its crypto division in 2014, making it one of the earliest institutional entrants into the digital asset trading space. Cumberland has since grown into a principal liquidity provider serving institutional clients, exchanges, and crypto-native firms.
Source: https://cryptobriefing.com/cumberland-ethereum-buying-spree/
