A single crypto whale withdrew more than $206 million worth of Ethereum (ETH) from the exchange Bitfinex in a 16-hour period over the weekend, according to the digital asset tracker Lookonchain.
Lookonchain notes that the whale is likely the United Kingdom-based investment manager Abraxas Capital Management, which has specialized in crypto since 2017.
The firm’s three digital asset funds have more than $2 billion in assets under management (AUM) as of April 2024.
Abraxas reportedly deposited the ETH into Spark, a decentralized finance (DeFi) infrastructure provider, to use the Ethereum trove as collateral for the stablecoin DAI.
The same whale address borrowed 101 million DAI from Spark, swapped it for 101 million of the stablecoin USDC and deposited the USDC into 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 time of writing. The second-ranked crypto asset by market cap is up nearly 3% in the past seven days but down nearly 10% in the past month. Ethereum also remains more than 29% down from its all-time high of $4,878, which it hit back in November 2021.
USDC and DAI are the second- and third-largest stablecoins by market cap, respectively. Both assets aim to maintain a 1:1 peg with the USD dollar.
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