Abraxas Capital Moves 138,511 ETH Off Exchanges Amid Price Surge
Abraxas Capital has transferred 138,511 ETH, valued at $297 million, from centralized exchanges in the last two days. This action aligns with Ethereum’s (ETH) recent price spike, which saw a 20% increase to $2,371 before stabilizing near $2,295.
The timing and scale of this withdrawal suggest a move towards long-term storage and a reduced intent to sell. Such actions are frequently enough seen as positive signs, as they reduce the immediate supply in the market and show confidence in future price growth.
According to Lookonchain, Abraxas Capital’s withdrawals are part of a larger trend of accumulation. The firm moved 61,401 ETH over two days, with the total across various transactions reaching 138,511 ETH.
Ethereum’s futures and trading volume have also seen significant changes. There was a 20% rise in futures open interest and an 184% increase in trading volume, as reported by Coinglass. Additionally, over $265 million in short positions where liquidated, further boosting the price.
While ETH has gained 54% in the last month, it is indeed still down 26% for the year. Though, CryptoQuant analysts note that Ethereum is now at its most undervalued level relative to Bitcoin as 2019, based on the ETH/BTC MVRV ratio.
Abraxas Capital’s actions highlight the growing role of institutions in the Ethereum market. Founded in 2002 by Fabio Frontini, the firm has been focusing on digital assets as 2017 and has become a global leader in the field.
