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Market Makers Move Millions of Dollars Worth of Polygon to Crypto Exchanges Amidst Price Drop

On Friday night, key market makers Jump Trading and Cumberland sent millions of dollars worth of Polygon (MATIC) to various crypto exchanges, according to blockchain data reported by analytics firm Lookonchain.

Cumberland deposited 9 million MATIC to Binance and 5 million MATIC to Coinbase, while a crypto wallet associated with Cumberland, Jump Trading, and Robinhood deposited a total of 9.4 million MATIC to different crypto exchanges. These deposits led to a significant decline in MATIC's price, as well as in other tokens such as Cardano (ADA) and Solana (SOL), which may be connected to recent allegations of being classified as securities in lawsuits filed by the SEC against Binance and Coinbase.

As a result, crypto services firm Matrixport predicts further selling of major tokens during the weekend, particularly altcoins like MATIC, due to thin trading volumes and reduced activity from market makers like Binance.

Cardano Cardano $0.83
+4%
Polygon
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