According to on-chain data, Abraxas Capital bought nearly $400 million worth of ETH within three days (from May 8 to 11). During this period, it withdrew 185,309 ETH from CEX, valued at approximately $399 million. Additionally, Abraxas Capital did not just enter the scene in recent days; it began accumulating ETH several days prior. In those earlier days, Abraxas also withdrew 138,511 ETH (worth over $290 million), accumulating nearly $700 million worth of ETH in about a week. Why did it focus on this week for these activities? The main motivation is only clear to Abraxas itself. Let’s take a look at the background of Abraxas Capital, and everyone can make their own judgment.

Abraxas Capital is an asset management company headquartered in London, established over 20 years ago (in 2002). It entered the crypto space in 2017 and is now one of the important institutional participants in crypto asset management. In 2022, it launched the Alpha Bitcoin Fund, and in 2023, it launched the Alpha Ethereum Fund. Its clients are primarily institutional investors and high-net-worth individuals, providing customizable crypto investment products, focusing on arbitrage, DeFi investments, and helping to solve liquidity issues through token locking. Besides operating in CEX, Abraxas also deposits funds into DeFi protocols to profit (such as Aave, Compound, and other protocols).