Abraxas Capital's aggressive accumulation of Ethereum is evident in their recent withdrawals from major exchanges. According to Lookonchain, Abraxas Capital has withdrawn 49,644 ETH, worth approximately $92 million, from Binance and Kraken within a 24-hour period. This significant accumulation marks one of the largest single-day Ethereum purchases by an institutional investor in recent months.
*Recent Accumulation Activities:*
- *Withdrawal Amount:* 49,644 ETH (worth $92 million) withdrawn from Binance and Kraken on May 8, 2025
- *Number of Transactions:* 15 transactions, with one notable purchase of 21,999 ETH worth $39.92 million on Kraken
- *Market Impact:* Analysts attribute such accumulation actions to a bullish future for Ethereum, citing growing institutional interest and increased buying activity
*Market Performance:*
- *Current Price:* Ethereum's current price is $2,515.98, with a 4.71% increase in the last 24 hours
- *Market Capitalization:* Ethereum's market cap stands at $290.46 billion
- *Recent Surge:* Ethereum surged over 20% to trade above $2,400 following the successful implementation of the Pectra upgrade and a U.S.-U.K. trade agreement announcement² ³
*Institutional Interest:*
- *World Liberty Financial:* Another institutional investor accumulating ETH, contributing to growing confidence in Ethereum's long-term value
- *Abraxas Capital's Strategy:* Their significant purchases indicate a bullish outlook on Ethereum's future performance
