Abraxas Capital's continued collateralization of BTC & ETH is real

1 hour ago, Abraxas Captial withdrew 230 $WBTC (16M) from #Bitfinex

Besides, they withdrew another 800 $ETH ($2.8M) from #Bybit

Immediately 230 $WBTC & 800 $ETH were taken as collateral to borrow a total of 9.5M $USDC.

The amount of borrowed stablecoins has been deposited on Bybit exchange as in recent days.

What is worth noting here is that they withdraw their wallets to use as collateral to borrow as soon as the market has a correction rhythm.

In the above article, I also talked about the 124M Stablecoins that they had previously deposited on the exchange that may have been partially used.

The fact that Abraxas uses $WBTC as collateral along with $ETH shows that they want to bet on both $ETH and $BTC.

Currently, the value of $ETH collateral is 10 times greater than $WBTC. Perhaps Abraxas is hoping that $ETH will out-perform compared to $BTC in the near future.

Although the market adjusted leading to a decline in Health Rate, the volume of collateral and the volume of Stablecoin borrowed continue to increase, showing that they are still very Bullish with the market.

After observing that Health Rate was 2 times recently at 1.49, Abraxas Capital accepted to mortgage more assets to borrow Stablecoin.

With the above Health Rate, a market dump of more than 35% will be liquidated, and for a big guy holding a large amount of assets with sensitive timing like Abraxas Capital, that's something they won't allow to happen.