A crypto whale recently withdrew over $206 million worth of Ethereum (ETH) from Bitfinex in a 16-hour period, as reported by Lookonchain. The whale is speculated to be UK-based investment manager Abraxas Capital Management, specializing in crypto since 2017. With over $2 billion in assets under management (AUM) across three digital asset funds, Abraxas deposited the ETH into Spark, a DeFi infrastructure provider, to use as collateral for the stablecoin DAI. This move was followed by borrowing 101 million DAI from Spark, exchanging it for USDC, and depositing the USDC into Binance.
Spark offers a DAI-focused money market protocol called SparkLend and sDAI, a yield-bearing stablecoin. Ethereum is currently trading at $3,442, up nearly 3% in the past week but down almost 10% in the last month. Despite this, ETH remains over 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 cap, respectively, striving to maintain a 1:1 peg with USD.
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In recent news, a single crypto whale withdrew more than $206 million worth of Ethereum (ETH) from Bitfinex within a 16-hour time frame, according to Lookonchain. Speculated to be Abraxas Capital Management, a UK-based investment firm specializing in crypto since 2017, the whale’s actions are closely watched by the digital asset community. With over $2 billion in assets under management (AUM) across three digital asset funds, Abraxas deposited the ETH into Spark, a DeFi infrastructure provider, to utilize as collateral for the stablecoin DAI.
Following this move, the whale borrowed 101 million DAI from Spark, exchanged it for USDC, and deposited the USDC into Binance. Spark offers a DAI-centric money market protocol known as SparkLend, along with sDAI, a yield-bearing stablecoin. Despite current market conditions, Ethereum is trading at $3,442, having risen nearly 3% in the past week but experiencing a drop of almost 10% in the last month. It remains more than 29% below its peak of $4,878 reached in November 2021.
USDC and DAI, the second- and third-largest stablecoins by market capitalization, respectively, aim to maintain a 1:1 peg with the USD dollar. To stay updated on the latest crypto developments, subscribe to receive email alerts and follow on X, Facebook, and Telegram. Stay informed and connected with the digital asset community for timely insights and analysis.
The recent withdrawal of more than $206 million worth of Ethereum (ETH) by a single crypto whale from Bitfinex has raised eyebrows in the digital asset space. Lookonchain reported the withdrawal, suggesting that the whale may be affiliated with Abraxas Capital Management, a UK-based investment firm known for its specialization in crypto investments since 2017. With assets under management (AUM) exceeding $2 billion across three digital asset funds, Abraxas made a strategic move by depositing the ETH into Spark, a decentralized finance (DeFi) infrastructure provider, to be used as collateral for the stablecoin DAI.
Subsequently, the whale borrowed 101 million DAI from Spark, exchanged it for USDC, and deposited the USDC into Binance. Spark offers a DAI-focused money market protocol called SparkLend and sDAI, a stablecoin that generates yield. Despite recent market fluctuations, Ethereum is currently trading at $3,442, showing a 3% increase in the past week but a 10% decrease in the last month. Despite its performance, ETH remains more than 29% below its all-time high of $4,878 recorded in November 2021.
USDC and DAI, ranking as the second- and third-largest stablecoins by market cap, respectively, maintain a 1:1 peg with the USD dollar. To stay informed about developments in the crypto space, subscribe to receive email alerts and follow on X, Facebook, and Telegram for the latest updates and insights. Keeping up-to-date with industry news and trends is essential to making informed decisions in the ever-evolving world of digital assets and cryptocurrencies.
