Abraxas Capital Moves 138,511 ETH Off Exchanges Amid Price Surge
Abraxas Capital has transferred 138,511 ETH, valued at $297 million, from centralized exchanges in the past two days. This action aligns with ethereum’s (ETH) recent price spike, which saw a 20% increase to $2,371 before stabilizing near $2,295.
Lookonchain data reveals this significant withdrawal. The timing and scale suggest Abraxas is moving towards long-term storage, reducing the likelihood of immediate sales. Such moves are often seen as positive, as they decrease market supply and show confidence in future price growth.
While abraxas withdrew 61,401 ETH over two days, the total across various transactions reached 138,511 ETH.This activity is part of a larger trend of accumulation in the crypto market.
Ethereum’s futures open interest rose by 20%, and trading volume surged by 184%, according to Coinglass. Over $265 million in short positions were liquidated, further boosting the price.
Despite a 54% gain in the last month,ETH is still down 26% for the year. However, CryptoQuant analysts note that Ethereum is now at its most undervalued level relative to Bitcoin since 2019, based on the ETH/BTC MVRV ratio.
Abraxas Capital’s actions highlight growing institutional involvement in Ethereum. Founded in 2002 by Fabio Frontini, the firm has been a leader in digital assets as 2017.
