Abraxas Capital Withdraws $305M in ETH, Deposits into Spark, Borrows $119M Stablecoins for Binance

Abraxas Capital Management has made significant cryptocurrency transactions over the past 24 hours. The firm withdrew 30,000 ETH, worth approximately $102 million, from Bitfinex and deposited it into Spark, where it loaned out stablecoins. Additionally, a whale, likely Abraxas Capital, withdrew 60,000 ETH, valued at around $203 million, from Bitfinex and deposited it into Spark. This whale borrowed $119 million in stablecoins and deposited them into Binance. The whale also borrowed 101M $DAI, swapped it to 101M $USDC, and deposited 52M $USDC into Binance. The ETH price increased by 3% over 17 hours, suggesting a $6.27 million gain.