Cumberland Withdraws $1.41M in Polygon Tokens Amid Ongoing Selling Pressure

Cumberland, a prominent market maker, has been aggressively withdrawing Polygon ($POL) tokens from major exchanges, including Binance, Gate, and Coinbase. According to analyst Nazoku, the wallet withdrew 14.6 million $POL worth $1.41 million.

The withdrawal is seen as a directional move that can reduce selling pressure in the short term. However, despite this action, Polygon remains under intense selling pressure. The altcoin has been experiencing increased sell-side activity from both institutions and individual investors.

The Polygon Exchange Supply Ratio (ESR) has been on a strong upward trajectory over the past week, indicating that more $POL has flowed into exchanges. Rising exchange inflows tend to increase supply available for immediate selling, which can lead to a weakened market structure and price drop.