A powerful crypto investor, known as Abraxas Capital, made some major moves in the last 16 hours. They pulled out 60,000 ETH, worth $206.3 million, from Bitfinex and moved it to Spark. There, they used the ETH as collateral to borrow 101 million $DAI.

Next, they swapped the $DAI for 101 million USDC and deposited it into Binance. This big shift in funds suggests Abraxas is preparing for significant trades. The address linked to these transactions is 0xEd0C6079229E2d407672a117c22b62064f4a4312.