A Stunning Move! Abraxas Capital Mgmt Transfers 42,300 ETH to Exchange!
According to on-chain data, an associated address of Abraxas Capital Mgmt transferred 42,300 ETH to the exchange in the past six hours, with a total value of up to $155 million! Behind this operation lies a significant market signal.
Five days ago, this institution withdrew 70,000 ETH from Bitfinex at an average price of $3,333. If this sale occurs, it is expected to yield a profit of $13.76 million. Does this action by the institution indicate that the market may experience a shake-up? In the short term, the price trend of ETH may face new challenges.
This move could be a precise risk management strategy or a precursor to market selling pressure. Should we follow the institutional actions or wait for further confirmation? Interested friends can pay attention to the further developments in the market!
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