According to EmberCN, a whale address labeled by Arkham as Abraxas Capital has withdrawn 60,000 ETH (valued at $203.06M) from Bitfinex over the past 15 hours. These ETH were then deposited into Spark as collateral to mint 101 million DAI, which were subsequently converted into 101 million USDC and transferred to Binance. This move raises questions about whether the entity is leveraging ETH or using the stablecoins for investment in other cryptocurrencies.