As significant whale activities have a significant impact on the crypto market, a similar incident has recently taken place. As per SpotOnChain, the well-known on-chain analytics provider, an Ethereum whale has redeemed a huge amount of $ETH over the recent 17 hours. The platform took to its official account on the social media forum X to disclose this report.
A massive whale (probably Abraxas Capital) has withdrawn 60K $ETH ($203M) from #Bitfinex at ~$3,387 in the past 17 hours.
The whale then lent $ETH to #Spark to borrow $119M in stablecoins and deposited it to #Binance.
The $ETH price is up by 3% (17H), suggesting a $6.27M… pic.twitter.com/6oomnzlrSq
— Spot On Chain (@spotonchain) July 1, 2024
A Whale Withdraws 60K Ethereum from Bitfinex and Deposits in Binance
SpotOnChain pointed out that the respective whale probably goes by the name Abraxas Capital. The whale reportedly redeemed a massive amount of nearly 60K during the above-mentioned period. According to the analytics provider, this figure equals almost $203 million. In addition to this, SpotOnChain also revealed the source of the respective withdrawal.
The analytics company brought to the front that the whale extracted the $ETH tokens from the popular crypto exchange Bitfinex. Bitfinex stands among the oldest operating crypto exchanges. It emerged back in 2012 under iFinex Inc. which also owns the biggest stablecoin Tether ($USDT). Bitfinex reportedly offers substantial liquidity for Bitcoin pairs along with other famous altcoins such as $XMR and $ETH.
The Whale Obtains $6.27M in Unrealized Profits with $ETH Price Rising by 3%
Following that withdrawal, the whale lent the tokens to Spark for borrowing $119 million in stablecoins. After that, it deposited the respective coins to the top crypto exchange Binance. As a result of this, the price of the $ETH token rose by 3% during 17 hours. This indicates that the whale made $6.27 million in terms of unrealized profit.
