Cryptocurrencies

Whale Buys $206 Million Worth of Ethereum on Bitfinex


Things have been a bit slow for Ethereum and the crypto market as a whole for a few months now. However, one whale is not letting that get him down. Over a period of 16 hours, the whale in question withdrew $206 million worth of Ethereum from Bitfinex, according to data from Loononchain.

What happened to this Ethereum?

According to Loononchain, the wallet is from Abraxas Capital Management, a UK-based party that has specialized in crypto since 2017 and now manages $2 billion in assets.

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The data shows that Abraxas placed the Ethereum with Spark, a DeFi platform. There, they used the Ethereum as collateral to borrow the stablecoin DAI.

In total, they managed to borrow $101 million worth of DAI from Spark, which they then converted into $101 million worth of USDC and sent to Binance.

There they can theoretically buy Ethereum again with the borrowed dollars, which means that they have actually borrowed money with their Ethers as collateral in order to then buy even more Ethereum.

Ethereum Dropped 10% in 30 Days

Over the past month, Ethereum has been doing a bit less well. The market’s number two has fallen by around 10% over the past 30 days.

Fortunately, Ethereum has been doing a bit better in the last week. For the last seven days, Vitalik Buterin’s coin has seen an increase of around 2%.

Ethereum is still down 29% from its all-time high. The smart contract platform’s all-time high is $4,878, a level it reached in November 2021.

So it’s been almost three years since Ethereum last made a price record. What do you think? Will Ethereum still manage to end 2024 with a new all-time high?

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