ETH Drops 5% as Abraxas Capital Moves 36,520 Coins Amid $2.4B Options Expiry

Ethereum (ETH) is currently trading at $2,626.41 on Binance, with a 24-hour trading volume exceeding $26 billion and a price decrease of 5.31% from the previous day’s open of $2,773.74. The recent price decline follows significant on-chain activity, including a large transfer of 36,520 ETH by Abraxas Capital to an exchange and the closure of a highly leveraged ETH long position after substantial profits, both of which may have contributed to increased selling pressure. Despite bullish sentiment driven by institutional purchases such as Fidelity’s $25.7 million ETH acquisition, strong whale accumulation, and heightened options activity ahead of a $2.4 billion expiry, the market has seen short-term volatility as traders react to profit-taking and key resistance levels near $2,700.