#ETH Abraxas Capital Mgmt has transferred ETH to the exchange for the first time after accumulating nearly 200,000 ETH in seven days, suspected of partially realizing profits.

According to on-chain data, the well-known institution Abraxas Capital Mgmt has accumulated a total of 200,092 ETH in the past seven days, with a total purchase value of approximately $463 million at an average purchase price of about $2,314 per coin. Based on the current market average price, the total current value of this batch of holdings is approximately $522 million, with realized profits of about $60 million, representing a profit margin of up to 12.96%.

First transfer to the exchange may be a phased realization.

Latest on-chain transactions show that the institution has transferred to the exchange for the first time in seven days. 38 minutes ago, it transferred 17,500 ETH to Bitfinex exchange, with a total value of approximately $45.87 million and an average transfer price of $2,621 per coin, suspected of beginning to realize some profits in batches.

Meanwhile, Abraxas Capital Mgmt subsequently withdrew 1,233 ETH from Binance exchange, with a total value of approximately $3.23 million and an average price of $2,619 per coin, indicating that while partially transferring out, it is still increasing its positions.

On-chain capital paths show that the institution is leveraging its structure by depositing BTC and ETH into lending platforms, borrowing stablecoins, and then repurchasing BTC and ETH. As of now, the institution's associated addresses hold a total of 471,110 ETH, with a current market value of approximately $1.231 billion, indicating strong optimism about the medium to long-term trend of ETH.