Over a recent weekend, a notable cryptocurrency investor transferred a staggering sum exceeding $206 million in Ethereum (ETH) from Bitfinex exchange, as tracked by Lookonchain. This investor, believed to be Abraxas Capital Management from the UK, has been immersed in the crypto world since 2017.

As of April 2024, Abraxas oversees three digital asset funds with a combined value of over $2 billion in assets under management (AUM). The firm strategically moved the ETH to Spark, a decentralized finance (DeFi) platform, leveraging the substantial Ethereum holdings as collateral for the stablecoin DAI.

This same address then procured 101 million DAI from Spark, exchanged it for an equivalent amount of USDC, and subsequently deposited the USDC into Binance. Spark’s offerings include SparkLend, a DAI-focused money market protocol, and sDAI, a stablecoin that earns interest.

At the moment, ETH is valued at $3,442. Ranking second in market capitalization among cryptocurrencies, it has seen a nearly 3% increase over the past week, despite a near 10% decline over the previous month. Furthermore, Ethereum’s current value is still over 29% below its peak of $4,878 reached in November 2021.

USDC and DAI, ranking second and third in stablecoin market capitalization, strive to maintain their value equivalent to one US dollar.

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