Institution Abraxas Capital Mgmt has continuously increased its holdings in CBBTC, with a total investment exceeding $640 million, and unrealized profits have surpassed $88.5 million.

According to on-chain data, since April 7, 2024, the institution Abraxas Capital Mgmt has continuously withdrawn a total of 7060 CBBTC from the Coinbase exchange, with a total purchase value exceeding $640 million, and an average purchase price of approximately $90,651 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In the past 13 hours, the institution has again withdrawn 479 CBBTC from Coinbase, with a purchase value of approximately $48.75 million, and an average price of $101,777 per coin, indicating that it is still actively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

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

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