$BTC Institution Abraxas Capital Mgmt has been continuously increasing its holdings in 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According to on-chain data, since April 7, 2024, the institution Abraxas Capital Mgmt has continuously withdrawn a total of 7,060 CBBTC from the Coinbase exchange, with a total purchase value of over 640 million USD and an average purchase price of approximately 90,651 USD per coin.

In the past 13 hours, the institution again withdrew 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 they are still actively increasing their holdings.

On-chain data shows that the institution transferred 1,619 CBBTC to Coinbase on May 9 and May 12, at that time with a market value of approximately 169 million USD 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 5,441 CBBTC, with a market value of approximately 676 million USD, an unrealized profit of about 66.41 million USD, and an unrealized profit margin of 13.46%, showing their confidence in the medium to long-term trend of BTC.