Recent on-chain monitoring reveals that crypto asset management firm Abraxas Capital has executed a notable Bitcoin sell-off. According to an Odaily Planet Daily report on June 4, on-chain analyst Yu Jin (@EmberCN) tracked a cluster of Abraxas Capital’s known wallets and observed multiple outgoing BTC transfers within a day or so. The total net outflow reached 2,469 BTC, worth approximately $166 million based on an average selling price of about $67,210.
One of the transactions involved 1,469 BTC (valued at around $98.45 million) sent directly to the Kraken exchange. Shortly afterward, the same wallet received 22,710,000 USDC from Kraken. This “deposit to exchange, then withdraw stablecoin” pattern typically indicates that the institution sold the corresponding BTC on the exchange and converted the proceeds into the USDC stablecoin. For the remaining roughly 1,000 BTC, the analyst has not disclosed any further on-chain movements.
Abraxas Capital, as a digital asset manager, has its on-chain activities closely watched by market participants and analysts for signals about institutional positioning. As of this report, the firm has not released any official statement regarding the BTC transfers.