Prominent Market Maker Boosts Crypto Holdings to Over $1.2 Billion
A prominent analytics company has reported that a significant market maker has acquired substantial amounts of Ethereum and stablecoin USD Coin (USDC) in just one month.
Arkham Intelligence has disclosed that the quant trading firm Jane Street has amassed over $1.26 billion worth of digital assets.
As of February 27th, Jane Street held approximately $470 million worth of crypto assets, with Ethereum comprising the majority of the market maker’s portfolio.
The breakdown at that time was $416.84 million worth of ETH, $28.77 million in USDC, $12.21 million worth of Chainlink (LINK), and $5.71 million worth of Uniswap (UNI).
According to Arkham Intelligence, Jane Street has substantially increased its crypto holdings in the previous month, with large amounts of USDC and ETH being added to their wallets.
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Jane Street's on-chain balance has been growing rapidly over the past month, with large amounts of USDC and ETH transferred onto their holding addresses.
Only a few days ago their total balance passed $1B! pic.twitter.com/GymaPsrtZp
— Arkham (@ArkhamIntel) March 27, 2023
READ MORE: Hong Kong Sets Its Sights on Becoming Asia’s Leading Crypto Hub
The quant trading firm now holds $761.71 million worth of USDC, $476.29 million worth of ETH, $13.36 million worth of LINK, and $6.42 million worth of UNI, with the crypto portfolio, which has grown by $795.64 million in about 30 days.
Arkham Intelligence is confident that digital asset wallets belong to the market maker.
They state that their label attributions are algorithmically greater than 95% confidence and manually reviewed before being uploaded to the platform. Customer balances appear to be flowing into their primary wallets instead of an OTC service.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
