On-chain analyst Yu Jin has tracked another large Bitcoin movement by crypto asset manager Abraxas Capital. The institution transferred 1,469 BTC, worth roughly $98.45 million at the time, to the Kraken exchange and shortly afterward withdrew 22.71 million USDC from the same venue. The sequence of transactions strongly indicates that the firm converted its Bitcoin holdings into stablecoins.
This latest transfer follows a similar move the previous day, when the entity offloaded approximately 1,000 BTC. Taken together, Abraxas Capital has now moved a cumulative 2,469 BTC onto Kraken within a little more than a day, totaling about $166 million at an average price of $67,210 per coin. The back‑to‑back, high‑value reductions illustrate the operational agility of institutional players. As a well‑known crypto asset manager, Abraxas Capital’s on‑chain activity is traditionally watched as a market indicator. Whether this concentrated selling represents a complete exit or only partial profit‑taking remains unclear, and further monitoring of the wallet’s activity will be necessary. The episode provides a classic case of institutional profit‑taking near elevated price levels. With Bitcoin consolidating above the $60,000 mark, such large‑scale transfers tend to draw significant attention from traders.