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A single crypto whale withdrew more than $206 million worth of Ethereum (ETH<\/a>) from the exchange Bitfinex in a 16-hour period over the weekend, according to the digital asset tracker Lookonchain.<\/p>\n Lookonchain notes<\/a> that the whale is likely the United Kingdom-based investment manager Abraxas Capital Management, which\u00a0has specialized in crypto since 2017.<\/p>\n The firm\u2019s three digital asset funds have more than $2 billion in assets under management (AUM) as of April 2024.<\/p>\n Abraxas reportedly deposited the ETH into Spark, a decentralized finance (DeFi) infrastructure provider, to use the Ethereum trove as collateral for the stablecoin DAI<\/a>.<\/p>\n The same whale address borrowed 101 million DAI from Spark, swapped it for 101 million of the stablecoin USDC<\/a> and deposited the USDC into Binance.<\/p>\n Spark offers a DAI-centric money market protocol called SparkLend, as well as sDAI, a yield-bearing stablecoin.<\/p>\n ETH is trading at $3,442 at time of writing. The second-ranked crypto asset by market cap is up nearly 3% in the past seven days but down nearly 10% in the past month. Ethereum also remains more than 29% down from its all-time high of $4,878, which it hit back in November 2021.<\/p>\n USDC and DAI are the second- and third-largest stablecoins by market cap, respectively. Both assets aim to maintain a 1:1 peg with the USD dollar.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>  <\/p>\n Generated Image: DALLE3<\/em><\/span><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" A single crypto whale withdrew more than $206 million worth of Ethereum (ETH) from the exchange Bitfinex in a 16-hour period over the weekend, according to the digital asset tracker Lookonchain. Lookonchain notes that the whale is likely the United Kingdom-based investment manager Abraxas Capital Management, which\u00a0has specialized in crypto since 2017. The firm\u2019s three […]<\/p>\n","protected":false},"author":2,"featured_media":335712,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-335709","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/335709","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=335709"}],"version-history":[{"count":3,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/335709\/revisions"}],"predecessor-version":[{"id":335714,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/335709\/revisions\/335714"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/335712"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=335709"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=335709"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=335709"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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