Abraxas Capital Deposits $378M BTC to Kraken, Triggers 1.2% Bitcoin Drop to $77,300

London-based Abraxas Capital deposited 4,835 BTC (≈$378M) to Kraken and moved 6,000 XAUT (≈$28M) to multiple exchanges on April 24, 2026, prompting a swift 1.2% Bitcoin decline from $78,200 to $77,300 after Lookonchain's alert. Initially noted as a large institutional inflow boosting sell-side liquidity, the event now signals potential major sell-off pressure on Kraken's order book. Traders eye further on-chain moves, withdrawals, or sales for direction, with elevated volatility as the key short-term risk amid neutral intent confirmation.