Abraxas Capital withdraws $297M in ETH, signaling a bullish market shift

Abraxas Capital withdrew 138,511 ETH, worth $ 297 million, centralized exchanges in the last two days.

According to data From Lookonchain, the activity of the London -based asset management company coincides with a strong increase in Ethereum (Ethn) Price, which has jumped more than 20% in the last 24 hours to reach $ 2,371 before settling nearly $ 2,295.

The size and time of this withdrawal suggests a move to the long -term custody and a reduced intention to sell. These movements are often interpreted as bullish signals, as they decrease the immediate supply of the market and reflect confidence in the pursuit of pricing.

The large -scale transfer of the capital Abraxas draws attention to the middle of a wider wave of accumulation. While the company withdrew 61,401 ETH over two days, the total figure on several transactions reached 138,511 ETH, according to ONCHAIN ​​data.

Futures and volumes Ethereum

Withdrawals occurred like Ethereum given a 20% increase In the term contracts, an open interest and a leap of 184% of the volume of exchanges, according to Corcinlass. At the same time, more than $ 265 million in short positions have been liquidated, accelerating the price move.

Although ETH won 54% in the last month, it remains down 26% for the year. However, analysts In Cryptochant, underline that Ethereum is now at its most undervalued level compared to Bitcoin since 2019, on the basis of the MVRV ETH / BTC ratio.

ABRAXAS Capital operations highlight the growing involvement of Ethereum markets. Created by Fabio Frontini in 2002 in order to create a high -level asset management company, Abraxas Capital Management a concentrated On digital assets since 2017, increase quickly to become a world leader in the field.