The recent downturn in the cryptocurrency market presents a golden opportunity for investors to diversify their portfolios with more tokens. Taking full advantage of this situation is the cryptocurrency trading firm, Amber Group, which has seen over $1 trillion in trading volume since 2017.
Despite the recent market crash, Amber Group has been making significant investments in cryptocurrencies. Data from tracker Lookonchain on June 14 reveals that addresses associated with Amber Group have been making large purchases during the market dip. Approximately $20 million was withdrawn from the wallet in two major cryptocurrencies, Ethereum (ETH) and Uniswap (UNI), from various exchanges, indicating a strategic position adjustment.
An address linked to Amber Group withdrew 987,053 UNI ($10.6M) and 2,638 ETH ($9.2M) from Binance in the last three hours. The platform also reported that 2.638 ETH tokens were withdrawn from Binance, valued at $9.2 million. Moreover, two withdrawals were made for the Uniswap token, with a total of 987.054 UNI worth $10.6 million being withdrawn from Binance and Gate.io.
While Ethereum has experienced a 3.4% drop in the last week, UNI has shown an impressive 14.8% increase in the same period. This indicates a positive trend in the cryptocurrency market.
In another move that demonstrates growing confidence in cryptocurrencies, MicroStrategy announced on June 13 its plans to raise $500 million for a new Bitcoin (BTC) purchase. The funds will be raised through convertible senior notes, with an option for an additional $75 million. MicroStrategy, a business intelligence company and a significant holder of Bitcoin, aims to issue these notes to qualified institutional investors.
It is important to note that the views expressed in this article are for informational purposes only and do not constitute financial advice. Investing in cryptocurrencies carries a risk of financial loss, and caution should be exercised.