A single crypto whale withdrew greater than $206 million value of Ethereum (ETH) from the change Bitfinex in a 16-hour interval over the weekend, in accordance with the digital asset tracker Lookonchain.
Lookonchain notes that the whale is probably going the United Kingdom-based funding supervisor Abraxas Capital Administration, which has specialised in crypto since 2017.
The agency’s three digital asset funds have greater than $2 billion in property beneath administration (AUM) as of April 2024.
Abraxas reportedly deposited the ETH into Spark, a decentralized finance (DeFi) infrastructure supplier, to make use of the Ethereum trove as collateral for the stablecoin DAI.
The identical whale deal with borrowed 101 million DAI from Spark, swapped it for 101 million of the stablecoin USDC and deposited the USDC into Binance.
Spark provides a DAI-centric cash market protocol referred to as SparkLend, in addition to sDAI, a yield-bearing stablecoin.
ETH is buying and selling at $3,442 at time of writing. The second-ranked crypto asset by market cap is up almost 3% prior to now seven days however down almost 10% prior to now month. Ethereum additionally stays greater than 29% down from its all-time excessive of $4,878, which it hit again in November 2021.
USDC and DAI are the second- and third-largest stablecoins by market cap, respectively. Each property goal to take care of a 1:1 peg with the USD greenback.
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