In line with a recent official ‘tweet‘ published, the Chicago based renowned crypto trading unit of DRW Holdings LLC named ‘Cumberland’, reported a sudden, sharp spike in large-scale Bitcoin [BTC] transactions earlier on 1st April.
The series of 13 orders that the trading desk tracked, all exceeded 1,000 Bitcoins [BTC] [around $4.9 Mln at the reporting time]. Cumberland that has been in operational in OTC [Over-the-Counter] crypto [trading desk] since 2014 – noted within the tweet adding:
“The post-trade analysis of Monday evening’s price action revealed a series of enormous bids [>1,000 Bitcoin’s per order] within an hour span, that appeared to be actual consumers vs the forced liquidations.”
While in an another follow-up tweet, Cumberland’s Global Head of Trading named ‘Bobby Cho’, stated that the information represented “executed, economically binding trades.”
However in a separate update on Twitter earlier within this week, Cumberland ‘tweeted‘ that Bitcoin had “moved over 10% for the first time in eight weeks,” stating:
“We are looking forward to $5,000 USD [the next even number] and $5,500 USD – $5,800 USD [strong resistance points that have antecedently caused many uptrend and downtrend selloffs to and from $20,000 USD again].”
Cryptocurrency markets within this week have reported their 1st bullish uptick of this year, with Bitcoin [BTC] starting a sharp rally earlier on 1st and 2nd April, gaining 14% in just an hour hour to push the price over $4,500 USD for the first time this year. The coin then broke over the $5,000 USD mark on 3rd April.
Google Trends data ‘indicated‘ that searches for Bitcoin [BTC] nearly tripled in response to this week’s optimistic price action.