Abraxas Capital reportedly reduced its Bitcoin exposure by selling 2,469 BTC worth about $166 million over the past day, according to monitoring cited by EmberCN. The newer figures expand on an earlier report from analyst Ember that the firm had transferred 1,000 BTC to Kraken during an overnight market decline and later withdrew $52.72 million in USDC and USDT. EmberCN also said that on June 4 Abraxas Capital cut holdings by 1,469 BTC worth about $98.45 million, with proceeds partly withdrawn as 22.71 million USDC, suggesting active conversion of Bitcoin into dollar-pegged stablecoin liquidity.