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Abraxas Capital reportedly sold 2,469 Bitcoin for about $166 million in a day

Abraxas Capital reportedly sold 2,469 Bitcoin for about $166 million in a day

Ember and EmberCN said the crypto asset manager sent Bitcoin to Kraken during a market decline, sold 2,469 BTC at an average $67,210, and withdrew stablecoins including USDC and USDT.

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Fact Check
The EmberCN X posts (status/2062340315089076330 and status/2061968976226504734) directly state Abraxas Capital sold 2,469 BTC totaling ~$166M at an average of $67,210, with BTC transferred to Kraken and stablecoins (USDC, and USDT in the earlier tranche) withdrawn. Odaily and BlockBeats corroborate identically. The only mild caveat is that the latest 1,469 BTC tranche withdrew only USDC, while the earlier 1,000 BTC tranche withdrew both USDC and USDT — the claim's mention of 'USDC and USDT' is accurate in aggregate.
Summary

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also said that on June 4 Abraxas Capital cut holdings by 1,469 BTC worth about $98.45 million, with proceeds partly withdrawn as 22.71 million USDC, suggesting active conversion of Bitcoin into dollar-pegged stablecoin liquidity.

Terms & Concepts
  • Kraken: A cryptocurrency exchange where users can trade digital assets, transfer tokens, and convert crypto holdings into other assets.
  • USDC and USDT: Major U.S. dollar-pegged stablecoins used on crypto exchanges for trading, settlement, and holding cash-like value.
  • Stablecoins: Cryptocurrencies designed to track a stable asset such as the U.S. dollar, often used to move funds or reduce exposure to market volatility.