Abraxas Capital Mgmt has continued to increase its position, withdrawing a total of 192,340 ETH worth over $520 million from exchanges in the past 7 days.
In the past 8 hours, the institution withdrew another 31,621 ETH from Binance, with a total purchase value of approximately $83.68 million at an average price of $2,646 per coin.
According to on-chain data, Abraxas Capital Mgmt has withdrawn a total of 192,340 ETH in the past 7 days, with a total purchase value of around $442 million, and an average purchase price of approximately $2,301 per coin. Currently, this batch of funds has an unrealized profit of about $79.43 million, with an unrealized profit margin of about 17.95%.
The funding path of this institution further reveals that it is building a leveraged accumulation strategy by depositing BTC and ETH into lending platforms to borrow stablecoins, and then repurchasing BTC and ETH, with a total position of 480,858 ETH valued at approximately $1.303 billion. This indicates a strong bullish outlook on the mid to long-term trend of the ETH market.
