Ethereum Whale Withdraws 60000 ETH from Bitfinex within 17 Hours

Massive Ethereum Withdrawal by Whale from Bitfinex and Deposit in Binance
A recent significant event has occurred in the crypto market, as a well-known on-chain analytics provider, SpotOnChain, has reported a substantial withdrawal of Ethereum by a whale. According to SpotOnChain, the whale, likely identified as Abraxas Capital, has withdrawn a staggering 60K $ETH, amounting to approximately $203 million, over the past 17 hours. The source of this massive withdrawal was the popular crypto exchange Bitfinex, known for its substantial liquidity for various cryptocurrencies, including Bitcoin, Monero, and Ethereum.
Following the withdrawal, the whale then lent the $ETH to Spark in exchange for borrowing $119 million in stablecoins, which was subsequently deposited in Binance. This move resulted in a 3% increase in the price of $ETH over 17 hours, leading to an unrealized profit of $6.27 million for the whale.
The implications of this significant whale activity on the Ethereum market are yet to be fully understood, but it has certainly made waves in the crypto community.