LEFT SHORT ARM - RIGHT ARM DEPOSIT $ETH

In the past 24 hours, Abraxas has borrowed a total of $57M from #AAVE, then subsequently deposited it on Binance and Kr*ken.

Immediately after, this fund withdrew a net of 14.6K $ETH ~ $38.6M from Binance to its wallet. This indicates that the amount of $USDT deposited on the exchange was likely used to purchase $ETH.

All of this $ETH is being staked by Abraxas on the #Etherfi platform and there are no signs of depositing it back to #AAVE for capital rotation.

Currently, the total $USDT this fund is borrowing on #AAVE is ~ $330M with a healthy rate threshold of >1.6 and there are still ~$390M in collateral assets available on #AAVE awaiting stablecoin borrowing.

During this time, Abraxas minted a total of $81M from Tether and then deposited all of it on Kraken.

Abraxas is maximizing resources to rotate stablecoin capital.

Currently, this MM's short position on $ETH is facing a loss of ~ $4M.

$ETH sent it 4k

Crypto God of Wealth