Not only Wintermute, Abraxas Capital also responded similarly
1 hour ago, Abraxas Capital mortgaged 5,000 $ETH ($18M) to borrow 10M $DAI.
Not long after that they swapped 10M $DAI to 10M $USDC deposited on the exchange.
Entities are moving to transfer large volumes of stablecoins to the exchange in the short term and adjustments are inevitable.
Because they need a better position than retailers for the newly deposited stablecoins to be absorbed.
Accept ETH mortgage at current price to borrow stablecoin at this price with quite risky health rate: 1.49.
It shows that they continue to have an upward trend on $ETH in the medium and long term, so they don't have to worry too much about the market having a slight correction.
