ETH surged 20%, breaking $2,300 in just 24 hours.
Abraxas Capital withdrew 138,511 ETH across multiple exchanges.
Institutional moves hint at strong long-term confidence in Ethereum.
Ethereum — ETH, lit up the charts this week, climbing above $2,300 in less than a day. The move wasn’t just strong—it was explosive. Behind the scenes, Abraxas Capital played a powerful role. In just 48 hours, the investment firm removed over 138,000 ETH from major crypto exchanges. The size of the withdrawals, paired with Ethereum’s breakout, sent a clear message: the big players are positioning for something major.
https://twitter.com/lookonchain/status/1920745446646972794 Ethereum Price Surge Mirrors Institutional Action
The activity began on May 8. Blockchain analytics firm Lookonchain first reported a major transfer—Abraxas removed 49,644 ETH, worth around $92 million, from Binance and Kraken. That alone grabbed attention. But the story didn’t stop there. Momentum picked up quickly. By the afternoon of May 9, Lookonchain updated the numbers. Abraxas had withdrawn another 61,401 ETH, valued at $116.3 million.
While these moves occurred, Ethereum’s price surged more than 20% in a single day. Coincidence? Not likely. Ethereum’s breakout appeared tied to rising institutional appetite. The timing couldn’t have been tighter. These funds didn’t spread quietly. They left a trail—from Binance and Kraken to Coinbase, Aave, Spark, and OKX. Transfers ranged from tiny test amounts to a staggering $72 million in one move.
Strategic Withdrawal or Market Signal?
Abraxas Capital didn’t just invest—it claimed ownership. Funds exited centralized platforms and entered self-custody wallets, often used for long-term storage. That decision signaled a different kind of strategy, one focused on future gains, not short-term swings. By the evening of May 9, the final tally stood at 138,511 ETH withdrawn, totaling nearly $297 million. Those funds now sit across multiple labeled wallets, watched closely by retail traders and institutional analysts alike.
Many now wonder if Abraxas has sparked a new trend. The level of confidence shown could inspire other institutions to follow. With this kind of action, Ethereum’s path forward suddenly looks more bullish than ever. These aren’t random buys. Each transfer acts like a drumbeat, hinting at a bigger play. While the market watches prices tick, Abraxas appears focused on deeper positioning.
Ethereum surged over 20% in one day, crossing the $2,300 line with strength. Abraxas Capital removed 138,511 ETH from major exchanges, fueling bullish speculation. Transfers reflect deep confidence and long-term vision, not quick profit. Institutional moves like this could shape the next phase of Ethereum’s journey.
