Abraxas Capital Mgmt, an institution, has continuously increased its holdings in CBBTC, with total investments exceeding $640 million and unrealized gains exceeding $88.5 million. According to on-chain data, since April 7, 2024, the institution Abraxas Capital Mgmt has continuously withdrawn a total of 7,060 CBBTC from Coinbase exchange, with a total purchase value exceeding $640 million, and an average purchase price of approximately $90,651 per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 In the past 13 hours, the institution has again withdrawn 479 CBBTC from Coinbase, with a purchase value of approximately $48.75 million, and an average price of $101,777 per coin, indicating that it is still actively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 shows that the institution transferred 1,619 CBBTC to Coinbase on May 9 and May 12, when the market value was approximately $169 million, with an average price of $104,595 per coin. If this was a sale, it is expected to have realized a profit of approximately $22.57 million, with a return rate of 15.38%. Currently, the institution still holds 5,441 CBBTC, with a market value of approximately $676 million, unrealized gains of about $66.41 million, and an unrealized gain rate of 13.46%, showing its confidence in the medium to long-term trend of BTC.