Ethereum
Whale Withdraws Over $206,000,000 in Ethereum (ETH) from Bitfinex: On-Chain Data
A single crypto whale withdrew over $206 million from Ethereum (ETH) on the Bitfinex exchange over a 16-hour period over the weekend, according to digital asset tracker Lookonchain.
Watch on the channel Remarks that the whale is likely UK-based investment manager Abraxas Capital Management, which has been specializing in crypto since 2017.
The firm’s three digital asset funds had more than $2 billion in assets under management (AUM) as of April 2024.
Abraxas reportedly deposited the ETH with Spark, a decentralized finance (DeFi) infrastructure provider, to use the Ethereum treasury as collateral for the stablecoin. DAI.
The same whale address borrowed 101 million DAI from Spark and exchanged it for 101 million of the stablecoin USDC and deposited the USDC on Binance.
Spark offers a DAI-centric money market protocol called SparkLend, as well as sDAI, a yield-bearing stablecoin.
ETH is trading at $3,442 at the time of writing. The second-largest crypto asset by market cap is up nearly 3% over the past seven days but down nearly 10% over the past month. Ethereum also remains more than 29% below its all-time high of $4,878, reached in November 2021.
USDC and DAI are the second and third largest stablecoins by market capitalization, respectively. Both assets aim to maintain a 1:1 ratio with the US dollar.
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