Abraxas Capital continues to reduce its BTC holdings, selling over 2,400 BTC in a single day

According to on-chain analyst EmberCN (@EmberCN), crypto asset management firm Abraxas Capital has sold a total of 2,469 BTC (approximately $166 million) over the past day and a half, at an average price of $67,210 per BTC. All transactions involved transferring BTC to Kraken and then withdrawing stablecoins. The most recent transaction involved transferring 1,469 BTC (approximately $98.45 million) to Kraken and withdrawing $22.71 million in USDC; the previous transaction occurred during last night’s market decline, when 1,000 BTC (approximately $67.49 million) were sold, followed by withdrawals of approximately $52.72 million in stablecoins (USDC + USDT).