Amber Group Buys the Dip, Bets on Ethereum and Uniswap

The cryptocurrency trading firm Amber Group has disclosed over $1 trillion in trading volume since 2017, with thousands of clients.

Cryptocurrency trading firm Amber Group has reportedly allocated nearly $20 million to two cryptocurrencies, as the market crashed on Friday, June 14, with altcoins reaching multi-month lows.

Addresses related to Amber Group were spotted aggressively buying the dip, with a total withdrawal of nearly $20 million of Ethereum (ETH) and Uniswap (UNI) from exchanges, indicating a possible position trade, according to on-chain data and analysis by Lookonchain.

Notably, the Amber Group-related address ‘0x011d19410fc79f140c08ffa8301e4153f17f4e27’ withdrew 2,638 ETH from Binance, which is currently valued at $9.2 million, as reported by Lookonchain.

The firm's latest move comes as cryptocurrency prices crashed on Friday, with altcoins reaching multi-month lows. Fear still dominates retail sentiment, according to technical and social indicators, signaling a market divergence and asymmetry. However, institutional players like Amber Group are showing a bullish bias.

Amber Group, a Hong Kong-based cryptocurrency trading firm, has reportedly shown a bullish bias and bought the recent dip, allocating nearly $20 million to two cryptocurrencies.

The firm has disclosed over $1 trillion in trading volume since 2017, with thousands of clients. In 2022, Amber Group had an estimated $5 billion in assets under management (AUM) dedicated to cryptocurrency, according to Blockworks.

During a private funding round, the company revealed some numbers, including an AUM of $5 billion and a valuation of $3 billion.

Now, on-chain data shows addresses related to the Amber Group aggressively buying the dip. In particular, the wallet withdrew nearly $20 million of Ethereum (ETH) and Uniswap (UNI) from exchanges, suggesting a position trade.

The Amber Group-related address ‘0x011d19410fc79f140c08ffa8301e4153f17f4e27’ withdrew 2,638 ETH from Binance, which is currently valued at $9.2 million, as reported by Lookonchain.

The Uniswap token position, however, was made with two withdrawals. One of 547,305 UNI from Binance and 439,749 UNI from Gate.io, totaling 987,054 UNI, which is currently worth $10.6 million.

In this context, Finbold retrieved data from Santiment analyzing whales’ behavior on Ethereum and Uniswap over the last two years.

Interestingly, Uniswap whales have been dumping their tokens over this period while Ethereum whales are accumulating.

Since June 15, 2022, whales have added 12.82 million ETH to their balances while removing 51.63 million UNI.

As of this writing, Ethereum trades at $3,534, recovering from a dip to $3,376, and Uniswap trades at $10.92, up from $10.24 on June 14.

The current crash was ETH’s lowest price month-to-date, while UNI had a month-low at $8.84 on June 11.

In the meantime, fear still dominates retail sentiment among technical and social indicators, which signals a market divergence and asymmetry. Whales and institutional players like Amber Group believe this is a great opportunity to buy, which could soon pay off.

The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

News source：https://www.kdj.com/cryptocurrencies-news/articles/amber-buys-dip-bets-ethereum-uniswap.html

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