Abraxas Capital Mgmt has been continuously increasing its position in CBBTC with a total investment of over 640 million USD, and the unrealized profit has exceeded 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 According to on-chain data, since April 7, 2024, the institution Abraxas Capital Mgmt has continuously withdrawn a total of 7060 CBBTC from Coinbase exchange, with a total purchase value exceeding 640 million USD, and an average purchase price of approximately 90,651 USD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 In the past 13 hours, the institution has again withdrawn 479 CBBTC from Coinbase, with a purchase value of approximately 48.75 million USD, and an average price of 101,777 USD per coin, indicating that it is still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, when the market value was approximately 169 million USD, with an average price of 104,595 USD per coin. If this was a sale, it is expected to have realized a profit of approximately 22.57 million USD, with a yield of 15.38%. Currently, the institution still holds 5441 CBBTC, with a market value of approximately 676 million USD, unrealized profit of about 66.41 million USD, and an unrealized profit margin of 13.46%, showing its confidence in the medium to long-term trend of BTC.