#ETH Abraxas Capital Mgmt has continuously increased its holdings, with a large amount transferred to the exchange, suspected to be for sale

According to on-chain data, in the past 40 hours, the institution Abraxas Capital Mgmt has withdrawn a total of 71,162 ETH, currently valued at approximately 166 million USD. The fund flow indicates that the institution formed a leveraged position structure by depositing ETH into a lending platform, borrowing stablecoins, and then repurchasing ETH.

Among these transactions, 26 minutes ago, the institution withdrew another 4,096 ETH from Binance exchange, with a total value of about 9.57 million USD, and the average price at the time of withdrawal was 2,336 USD per coin.

It is worth noting that after withdrawing the aforementioned funds, Abraxas Capital Mgmt transferred a total of 51,000 ETH (valued at approximately 98.2 million USD) via Stargate cross-chain to the KraKen exchange address on Unichain, suspected to be a concentrated selling action, attracting widespread market attention.

Currently, the institution's operational strategy may involve expanding positions through lending platforms and then concentrating on liquidation, with related liquidity and market risks requiring close monitoring.