Whale Moves $206 Million in Ethereum from Bitfinex

Over the weekend, a crypto whale withdrew over $206 million worth of Ethereum (ETH) from the Bitfinex exchange within 16 hours.

Abraxas Capital Management’s Involvement

According to Lookonchain, the whale is likely Abraxas Capital Management, a UK-based investment firm specializing in crypto since 2017. The firm manages over $2 billion in digital assets.

DeFi Transactions

Abraxas deposited the ETH into Spark, a DeFi provider, to use as collateral for the stablecoin DAI. The whale then borrowed 101 million DAI, swapped it for 101 million USDC, and deposited the USDC into Binance.

Market Context

ETH is currently trading at $3,442, up nearly 3% in the past week but down 10% in the past month. USDC and DAI are the second and third largest stablecoins by market cap, respectively.