A single crypto whale withdrew over $206 million worth of Ethereum (ETH) from Bitfinex within a 16-hour span over the weekend, as reported by Lookonchain, a digital asset tracker. The entity behind this significant movement is likely Abraxas Capital Management, a UK-based investment manager specializing in cryptocurrencies since 2017. As of April 2024, Abraxas manages more than $2 billion across three digital asset funds.
The withdrawn ETH was subsequently deposited into Spark, a decentralized finance (DeFi) platform, where it serves as collateral for the stablecoin DAI. In a strategic move, the same address associated with the whale borrowed 101 million DAI from Spark, swapped it for an equivalent amount of USDC stablecoin, and then deposited the USDC into Binance.
Spark operates a prominent DAI-focused money market protocol called SparkLend, along with sDAI, a yield-bearing stablecoin. As of the latest update, Ethereum is trading at $3,442. Despite a nearly 3% increase in the past week, ETH has seen a 10% decline over the past month and remains over 29% lower than its peak of $4,878 reached in November 2021.
USDC and DAI rank as the second and third largest stablecoins by market cap, respectively, both aiming to maintain a 1:1 peg with the USD. Stay informed with email alerts directly to your inbox. For real-time updates, follow us on X, Facebook, and Telegram. For more insights, check out The Daily Hodl Mix.
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