Share this article
Millions in Polygon’s MATIC Tokens Were Sent to Binance and Coinbase Ahead of 30% Slide, Data Shows
“Altcoins can crash this weekend even more as trading volumes are thin and market makers such as Binance have become less active,” one crypto firm warned.
Updated Jun 10, 2023, 7:24 a.m. Published Jun 10, 2023, 7:23 a.m.
Millions worth of appeared to be sent by key market makers Jump Trading and Cumberland to crypto exchanges on Friday night ahead of a nearly 30% drop, blockchain data shows.
Analytics firm Lookonchain said in multiple tweets on Saturday that Cumberland had deposited 9 million MATIC, worth over $6.3 million, to Binance and 5 million MATIC, worth $3.5 million, to Coinbase.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The firm added that another crypto wallet related to Cumberland, Jump Trading and Robinhood deposited a cumulative 9.4 million to crypto exchanges.
Another whale related to #Robinhood, Jump Trading, and #Cumberland deposited 9.4M $MATIC to exchanges in the past 15 hours.
— Lookonchain (@lookonchain) June 10, 2023
Seems like whales/institutions are dumping $MATIC!https://t.co/yqoxOYkwvw pic.twitter.com/OCTGrXs3Iz
These deposits were likely sold on crypto exchanges amid an illiquid environment, contributing to a sudden price decline in MATIC tokens. Similar price movements were seen in and solana tokens – which fell as much as 25% in the past 24 hours.
The tokens were likely impacted after being alleged as securities in multiple U.S. Securities and Exchange Commission (SEC) filings against crypto exchanges Binance and Coinbase earlier this week.
As such, crypto services firm Matrixport said in a note to CoinDesk that further selling of major tokens can be expected over the weekend.
“Altcoins can crash this weekend even more as trading volumes are thin and market makers such as Binance have become less active,” the firm said.
Omkar Godbole contributed reporting.
Більше для вас
Що варто знати:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
Більше для вас
Crypto Markets Today: Bitcoin Rises, but Risk Appetite Remains Weak
Crypto prices are little changed, with bitcoin steady after dropping back from last week’s post-Fed high while altcoins continue to underperform amid risk-off sentiment.
Що варто знати:
- BTC rebounded from Sunday’s $88,000 low to around $89,900, though it remains well below the $94,300 it hit after the Fed’s 25 basis-point rate cut.
- More than half of the top 100 tokens are lower over 24 hours, with the CoinDesk 20 up just 0.16% and the broader CD80 down 0.77%, underscoring altcoins' continuing underperformance.
- Sentiment has slipped back into “extreme fear,” altcoin season indicators remain depressed, and bitcoin dominance continues to climb, reflecting investor preference for larger-cap assets.
Top Stories
