Millions of MATIC Tokens Transferred to Binance and Coinbase Amid Market Plunge

On-chain data reveals that the prominent market makers Jump Trading and Cumberland, along with popular trading platform Robinhood, transferred millions of MATIC tokens to Binance and Coinbase exchanges over the weekend. This action followed a significant plunge of 30% in Polygon’s MATIC. Millions of MATICs Transferred to Coinbase and Binance Crypto analysis platform Lookonchain recently issued multiple warning tweets, revealing that market maker Cumberland transferred more than $6.3 million, equivalent to 9 million MATIC to Binance, and $3.5 million worth of MATIC, roughly 5 million tokens, to Coinbase. Lookonchain added that another crypto wallet associated with Cumberland, Jump Trading, and Robinhood collectively transferred 9.4 million MATIC to crypto exchanges. With these transfers, the three institutions have moved close to 23.5 million MATIC to crypto exchanges. The transfer of MATIC tokens to crypto exchanges took place in a liquidity-deficient environment, exacerbating the downturn in the popular altcoin. Selling in Altcoins Intensified […] The post Millions of MATIC Tokens Transferred to Binance and Coinbase Amid Market Plunge appeared first on COINTURK NEWS.