Abraxas Capital has withdrawn 60,000 ETH from Bitfinex in the past 15 hours and deposited it into Spark as collateral for borrowing.

PANews reported on July 1 that according to monitoring by on-chain analyst Ember, a whale address marked as Abraxas Capital by Arkham has withdrawn a total of 60,000 ETH (approximately US$203.06 million) from Bitfinex in the past 15 hours.

These ETH were then deposited into Spark as collateral to mint and borrow 101 million DAI, which was then converted into 101 million USDC on the chain and transferred to Binance.

Yu Jin estimates that this transaction behavior is suspected to be the whale's desire to leverage ETH, or to lend these stablecoins for investment in other currencies.