Cumberland Sees Massive OTC Moves During Crypto Market Rout — 'Most Volume We've Seen This Year' – Bitcoin News

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The crypto OTC trading desk Cumberland, a subsidiary of DRW, explained that on June 13, the firm saw 30% more volume than the previous year-to-date high on May 13.

Over-the-counter trading desks allow high-net-worth crypto traders to trade coins without affecting spot markets as much as they would trading on a traditional exchange. OTC trading desks also provide liquidity for big buyers that smaller exchanges cannot provide. A number of companies offer OTC services to crypto traders like Kraken OTC, Falconx, Cumberland, Athena Investment Services, Crypto Desk, B2C2, Bankhaus Scheich, Bitpanda Plus, and Coin Cola.

When Cumberland first started, news reports noted that the company was able to acquire massive amounts of bitcoin via a few U.S. Marshalls’ operated auctions. Cumberland offers more than 30 different digital assets against 500 pairs, and the company claims to be “one of the largest liquidity providers in the cryptocurrency space.” Speaking about the recent crypto market rout, Cumberland disclosed that lots of crypto volume came directly to OTC desks.

The crypto market bloodbath had shown a significant amount of leverage was wiped out during the last two weeks. Cumberland suggested that quite a bit of the flow on June 13 was liquidations. A number of crypto lending firms have been accused of being liquidated on very large positions in recent times such as

 

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