$BTC

Institution Abraxas Capital Mgmt continuously increases its holdings of CBBTC, with a total investment exceeding 640 million USD and an unrealized profit of over 88.5 million USD.

According to on-chain data, since April 7, 2024, the institution Abraxas Capital Mgmt has continuously withdrawn a total of 7060 CBBTC from Coinbase exchange, with a total purchase value exceeding 640 million USD and an average acquisition price of approximately 90,651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In the past 13 hours, the institution has again withdrawn 479 CBBTC from Coinbase, with a purchase value of approximately 48.75 million USD and an average price of 101,777 USD per coin, indicating that it is still actively increasing its holdings.

On-chain data shows that the institution transferred 1619 CBBTC to Coinbase on May 9 and May 12, with a market value of approximately 169 million USD at that time and an average price of 104,595 USD per coin. If this was a sale, it is expected to have realized a profit of about 22.57 million USD, with a return rate of 15.38%.

Currently, the institution still holds 5441 CBBTC, with a market value of approximately 676 million USD and an unrealized profit of about 66.41 million USD, reflecting an unrealized profit margin of 13.46%, showing confidence in the medium to long-term trend of BTC.

It is worth noting that the funding path of Abraxas Capital Mgmt indicates that it is adopting a leveraged accumulation strategy of "staking BTC and ETH to borrow stablecoins, then repurchasing BTC and ETH," constructing a bilateral long position on BTC and ETH to continuously amplify the profit space brought by market rallies.

This strategy has a large scale of deployment, which may constitute a positive signal for market sentiment, and it is recommended to closely monitor its subsequent on-chain movements and possible liquidation timing.