Institution Abraxas Capital Mgmt has been continuously increasing its position in CBBTC, with a total investment of over 640 million USD in about a month, and unrealized gains exceeding 88.5 million USD. According to on-chain data, since April 7, 2024, institution Abraxas Capital Mgmt has continuously withdrawn a total of 7060 CBBTC from Coinbase, with a total purchase value exceeding 640 million USD, and an average purchase price of approximately 90,651 USD per coin. In the past 13 hours, the institution has again withdrawn 479 CBBTC from Coinbase, with a purchase value of about 48.75 million USD, and an average price of 101,777 USD per coin, indicating that it is still actively increasing its position. On-chain data shows that the institution transferred 1619 CBBTC to Coinbase on May 9 and May 12, with a market value of about 169 million USD at that time, and an average price of 104,595 USD per coin. If this is a selling action, it is expected to have realized approximately 22.57 million USD in profits, with a yield of 15.38%. Currently, this batch of 5441 CBBTC has a market value of about 676 million USD, with unrealized gains of about 66.41 million USD, and an unrealized gain rate of 13.46%, indicating strong confidence in the medium to long-term trend of BTC. The institution's funding path further indicates that it is building a leveraged increase strategy by depositing BTC into lending platforms to lend stablecoins, then repurchasing CBBTC and ETH, holding a total of 6575.18 BTC, valued at approximately 676 million USD. This shows a strong bullish outlook on the medium to long-term trend of the BTC market. This strategy layout is large in scale and may constitute a positive signal for market sentiment, suggesting close attention to its subsequent on-chain movements and possible liquidation timing.