#ETH Abraxas Capital Mgmt continues to increase its position, having withdrawn a total of 123,160 ETH worth over $310 million from exchanges in the past 5 days.

In the past 12 hours, the institution again withdrew 5,049 ETH from Binance, with a total purchase value of approximately $12.64 million at an average price of $2,503 per ETH.

According to on-chain data, Abraxas Capital Mgmt has withdrawn a total of 123,160 ETH in the past 5 days, with a total purchase value of about $264 million, an average purchase price of about $2,145 per ETH. Currently, this batch of funds has an unrealized profit of approximately $45.93 million, with a profit margin of about 17.39%.

The funding path of the institution further indicates that it is building a leveraged accumulation strategy by depositing ETH into lending platforms to lend stablecoins, and then repurchasing ETH, with a total holding of 402,636 ETH valued at around $1 billion. This shows a strong bullish outlook on the medium to long-term trend of the ETH market.