đ„Breaking Newsđ„
Abraxas Capital pulls out 185,309 $ETH worth $461.6 million from exchanges in the past 3 days.
Abraxas Capital, a London-based firm, withdrew 185,309 ETH ($461.6 million) from exchanges between May 8-11, 2025, following a prior withdrawal of 138,511 ETH ($297 million) reported on May 9, signaling strong institutional confidence in Ethereum amidst a 20% price surge to $2,371.
Large-scale ETH withdrawals often indicate a bullish outlook, as moving assets to private wallets suggests intent to hold long-term; this aligns with CryptoQuantâs analysis showing ETH at its most undervalued level relative to Bitcoin since 2019, based on the ETH/BTC MVRV ratio.
The Ethereum market is heating up with a 20% rise in futures open interest and a 184% jump in trading volume, per Coinglass, reflecting heightened investor activity and optimism, potentially driving ETH prices higher as seen with community reactions predicting $10K.
