Abraxas Capital Management Moves 42,300 ETH to CEX, Eyes $13.76 Million Profit

On January 6, COINOTAG News reported significant activity from Abraxas Capital Management. The firm has recently transferred a staggering 42,300 ETH to a centralized exchange, amounting to an estimated 155 million USD. This substantial move indicates a strategic positioning in the dynamic cryptocurrency market.

Notably, just five days prior, Abraxas Capital Management withdrew 70,000 ETH from Bitfinex, achieving an average price of 3,333 USD per ETH. Given the current market valuations, should they decide to liquidate their holdings, a potential profit of 13.76 million USD awaits. Such calculated decisions underscore the institution’s adept approach to capitalizing on market trends and utilizing blockchain technology for investment maneuvers.