#ETH Abraxas Capital Mgmt continues to increase its holdings, having withdrawn a total of 115,944 ETH from exchanges over the past 82 hours, valued at over $296 million.

In the past 6 hours, the institution withdrew 10,007 ETH from Binance exchange, with a total purchase value of approximately $25.54 million, at an average price of $2,552 per ETH.

According to on-chain data, the institution Abraxas Capital Mgmt has withdrawn a total of 115,944 ETH over the past 82 hours, with a total purchase value of approximately $246 million, and an average purchase price of about $2,126 per ETH. Currently, this batch of funds has an unrealized profit of approximately 19.94%.

The funding path of the institution further indicates that it is building a leveraged accumulation strategy by depositing ETH on lending platforms to borrow stablecoins and then repurchasing ETH, with a total holding of 400,469 ETH, valued at approximately $1.02 billion. This shows a strong bullish outlook on the medium to long-term trend of the ETH market.