Abraxas Capital, a London-based asset management firm, has withdrawn a notable sum of 138,511 ETH, valued at roughly $297 million, from centralized exchanges over the past two days. The move coincides with a significant rally in Ethereum (ETH), which surged more than 20% within 24 hours, hitting a high of $2,371 before settling around the $2,295 mark.
The timing and scale of this withdrawal suggest a strategic decision towards long-term custody rather than preparing immediate market sales. Such actions typically imply a bullish outlook from the institution, as large investors securing digital assets off-exchange often signal anticipation of further price appreciation and reduced selling pressure.
As observed in blockchain transaction data, Abraxas Capital carried out this substantial transfer amid increasing institutional accumulation in the cryptocurrency space. Although the firm specifically conducted a withdrawal totaling 61,401 ETH in two separate transactions, the cumulative amount across several movements reached the total of 138,511 ETH.
The withdrawals arose against a backdrop of heightened trading activity and market dynamics. Ethereum witnessed a 20% increase in open interest in futures contracts and a remarkable 184% surge in trading volume, according to data tracking firm Coinglass. Moreover, over $265 million in short positions were liquidated during this ascent, fueling further upward momentum.
Despite Ethereum enjoying a 54% gain over the past month, the cryptocurrency still remains down by approximately 26% year-over-year. However, recent analytic metrics, notably the ETH/BTC Market Value to Realized Value (MVRV) ratio, indicate that Ethereum has now reached its most undervalued level relative to Bitcoin since 2019.
Founded by Fabio Frontini in 2002, Abraxas Capital Management transitioned into the digital asset arena in 2017 and has since positioned itself among the prominent global players in institutional cryptocurrency investment circles.
