Just monitored a notable on-chain movement.

At 11:57 AM today, the Copper wallet transferred 99.9 BTC to Cumberland DRW, which amounts to approximately 4.36 million USD at current prices. This figure is not considered a small amount in institutional transfers.

The name Cumberland DRW may not be familiar to many retail investors, but those in the industry know that they are professional market makers, primarily providing liquidity services to institutions. Transfers of this level are usually not just simple transfers; they are more likely preparing ammunition for market making or reallocating liquidity between institutions.

Arbitrage operations may also be involved—after all, there is still room for operation with the price fluctuations between exchanges.

The next few hours are worth keeping an eye on to see if there will be consecutive large transfers in the same direction. If a concentrated flow occurs, it may indicate that there will be some movement in the short-term market.