Abraxas Capital is gaining momentum as one of the largest whales in the Ethereum (ETH) market, with a total value of ETH holdings amounting to $561 million over the past week.
The organization's actions reflect confidence in the potential of ETH and raise questions about its impact on the cryptocurrency market in the near future.
Abraxas Capital is actively accumulating ETH
Over the past week, Abraxas Capital has become the center of attention, consistently accumulating ETH in large volumes. According to Lookonchain, on May 14, 2025, the organization purchased 242,652 ETH over 7 days. This is equivalent to $561 million. Data from Arkham Intelligence shows that wallets belonging to Abraxas Capital Heka Funds withdrew ETH from several major exchanges, primarily from Binance. Transactions ranged from 2,100 to 6,497 ETH at a time, corresponding to a value of $5.44 million to $17 million. 189 transactions in 10 hours highlight the organization's aggressive accumulation strategy.
Abraxas Capital is a major whale with ETH holdings worth $561 million. They may influence price trends of ETH in the near future.
Transition from Bitcoin to Ethereum
Another important point is Abraxas's shift from Bitcoin (BTC) to ETH. Lookonchain reported that a wallet associated with the organization withdrew 2,949 BTC, equivalent to $250 million, from several exchanges. However, by May 8, 2025, OnchainDataNerd reported that the organization deposited 1,000 BTC on Kraken. They currently hold only 983 BTC, equivalent to $98 million at current prices. This indicates that Abraxas has significantly reduced its position in BTC to focus on ETH, with ETH holdings increasing to $561 million over the same period.
This shift may reflect Abraxas's confidence in the long-term potential of ETH, especially in light of the thriving Ethereum ecosystem with decentralized finance (DeFi) and non-fungible tokens (NFTs). The reduction of BTC holdings and the increase in investments in ETH suggest that they may be preparing for a new growth cycle for Ethereum, particularly after ETH recently surpassed the $2,500 mark.
"ETH is a bet on fundamentals. Ethereum dominates among developers, stablecoins, real-world assets (RWAs), and non-fungible tokens (NFTs)," commented a user on X.
Given its potential, analysts believe that Ethereum may soon surpass Bitcoin. By 2026, the strategic reserve of Ethereum is expected to increase to 10 million ETH.#BinanceSquare #Write2Earn #BinanceAlphaAlert #TradeStories #crypto $ETH
