Ethereum Whale's $200 Million Transaction Attracted Attention: Is It Expected to Rise?

An altcoin whale may be expecting the Ethereum (ETH) price to rise in the coming days.

According to blockchain records, a whale withdrew more than $200 million worth of Ethereum from Bitfinex, one of the world's largest cryptocurrency exchanges.

It may belong to a billion dollar company

According to the information provided by the blockchain analysis platform Spot On Chain, a big whale withdrew 60 thousand Ethereum from the Bitfinex exchange in the last 24 hours. Their value at the time of the transaction was approximately $206 million.

Analysts think that this address may belong to Abraxas Capital. Investment management company Abraxas was founded in London in 2002. The company has been operating in the cryptocurrency market since 2017. Abraxas has two separate funds for Bitcoin and Ethereum. According to the data on its website, the company has $1.3 billion in Bitcoin funds; It manages assets worth $5.5 million in the Ethereum fund.

used it to borrow money

According to blockchain records, this whale later deposited the Ethereums he withdrew from Bitfinex to the Spark platform. Spark serves as a decentralized liquidity market.

Balina later received 101 million DAI as a loan from the Spark platform. The whale exchanged them for 101 million USDC and deposited them on the Binance exchange.

According to CoinGecko data, Ethereum gained more than 3% in the last 24 hours and approached the $ 3,500 level.

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