Abraxas Capital Invests $92M in Ethereum, Pulls 49,644 ETH from Binance and Kraken

Highlights:

• Abraxas Capital expands its Ethereum holdings after spending about $92 million to buy 49,644 ETH.
• Lookonchain reported that the investment firm bought the tokens from Kraken and Binance.
• Analysts described the accumulations as one of the largest single-day acquisitions.

London-based investment firm Abraxas Capital has expanded its Ethereum (ETH) holdings after spending $92 million to acquire 49,644 ETH. Renowned crypto transactions monitor Lookonchain tracked the transactions, which it reported on its official X handle, sparking Ethereum price concerns among token enthusiasts.

Per Lookonchain, the investment firm bought the tokens from Binance and Kraken via fifteen transactions. Only one of the purchases, involving 21.999K ETH worth $39.92 million, occurred on Kraken. The on-chain tracker also noted that Abraxas Capital completed the acquisitions within 24 hours.

Institutions are accumulating $ETH.

Abraxas Capital has withdrawn 49,644 $ETH($92M) from #Binance and #Kraken today.https://t.co/vZTxLPcuJS pic.twitter.com/HcK8zyBocP

— Lookonchain (@lookonchain) May 8, 2025

Market experts described Abraxas Capital’s accumulation sprees as the largest single-day Ethereum purchases by a single institutional investor in recent months. The analysts also attributed these accumulation actions to a bullish future. Beyond the procurements, ETH has experienced significant spikes in investors’ interests, evidenced by upswings in its several on-chain metrics fuelled by growing market anticipation for Ethereum Exchange Traded Funds (ETFs) approvals.

Over the past few days, there have been several applications, pushing for many altcoin ETFs approvals. While the approval seemed to draw closer, the SEC has postponed its decision on several filings, implying that the endorsements will continue to linger.

ABRAXAS CAPITAL WITHDRAWS $75M IN ETH FROM BINANCE AND KRAKEN

In a bold move, Abraxas Capital has withdrawn 41,269 ETH worth $75.46M from Binance and Kraken over the past 11 hours.

This marks one of the largest single-day ETH accumulations by an institutional player in recent… pic.twitter.com/g1TgC3GJez

— Crypto Town Hall (@Crypto_TownHall) May 8, 2025

Ethereum ETFs Succumb to Losses

After concluding last week with net profits worth $106.75 million, Ethereum ETFs might succumb to their first weekly net outflows after recording previous back-to-back gains. The current week began on May 5, with Ethereum funds recording neither inflows nor outflows.

Only the BlackRock Ethereum ETF was active and accounted for the 21.77 million net outflows on May 7, underscoring the ETFs’ recent struggles. Ethereum ETFs’ total value traded dropped from $135.25 million to $123.21 million. In contrast, the Ethereum ETFs’ total net assets valuation rose from $6.18 billion to $6.20 billion.

On May 7, Bitcoin spot ETFs saw a total net inflow of $142 million, with none of the twelve ETFs recording net outflows. In contrast, Ethereum spot ETFs experienced a total net outflow of $21.77 million, with none of the nine ETFs registering net inflows.https://t.co/Hj2Gs49bWa

— Wu Blockchain (@WuBlockchain) May 8, 2025

Ethereum’s Price Nears $2,000

In the past 24 hours, Ethereum has spiked 10.4%, with a market value of about $2,012. Within the same timeframe, ETH fluctuated between $1,792.06 and $2,005.78, highlighting the token’s recent recovery and determination to reclaim previous high levels. However, its year-to-date price change variable reflected a 33.4% decline, which invariably implies that the token has not fully recovered from earlier declines. Ethereum’s 24-hour trading volume also spiked 20.24% to hit approximately $28.58 billion.

Ethereum ICO Participants Dump Ethereum Amid Accumulations by Abraxas Capital

On May 7, Lookonchain reported that an Ethereum Initial Coin Offering (ICO) participant had been dumping ETH. According to the on-chain tracker, this investor sold 30,000 ETH worth $47.85 million on April 17.

The on-chain tracker stated:

“An Ethereum ICO participant transferred 30K ETH ($47.85 million) out after 3 years of dormancy, of which 3K ETH ($4.78 million) were deposited to Kraken. He received 76K ETH ($23,560, now worth $121M) at Genesis”

On May 4, the ICO participant dumped another 1,500 ETH, valued at approximately $1.76 million. Three days later, Lookonchain reported that the investor sold an additional 5,200 ETH worth about $9.54 million.“Since ending a long dormancy on April 17, he has sold $21,700 ETH ($38.9 million),” the on-chain tracker noted. Each ETH token was sold at the rate of $1,792, and the investor still has 8,300 ETH, valued at approximately $15.28 million.

The Ethereum ICO participant sold another 5,200 $ETH($9.54M) again in the past hour.

Since ending a long dormancy on April 17, he has sold 21,700 $ETH($38.9M) at an average price of $1,792 and still holds 8,300 $ETH($15.28M).https://t.co/5xFXdgM7V8 pic.twitter.com/UslRYsFq1R

— Lookonchain (@lookonchain) May 7, 2025