During a 16-hour span over the weekend, a solitary crypto whale withdrew more than $206 million worth of Ethereum (ETH) from Bitfinex, as reported by digital asset tracker Lookonchain. Lookonchain speculates the whale to be Abraxas Capital Management, a UK-based investment firm specializing in cryptocurrencies since 2017. As of April 2024, Abraxas manages over $2 billion across three digital asset funds.

Abraxas allegedly transferred the ETH to Spark, a decentralized finance (DeFi) platform, using it as collateral for the stablecoin DAI. Subsequently, the same whale address borrowed 101 million DAI from Spark, exchanged it for an equivalent amount of USDC stablecoin, and deposited the USDC into Binance.

Spark operates SparkLend, a money market protocol centered on DAI, and offers sDAI, a yield-bearing stablecoin. At the time of writing, ETH is priced at $3,442. Despite a 3% increase in the past week, ETH has dropped nearly 10% over the last month and remains over 29% below its peak of $4,878 in November 2021.

USDC and DAI rank as the second and third largest stablecoins by market capitalization, respectively, both aiming for a stable 1:1 peg with the USD.

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