In recently turned bullish market sentiment, Ethereum (ETH) has captured attention as major investors and whales show renewed confidence in the second-largest cryptocurrency. In the past 24 hours, ETH has surged 6.50% to $1,955, now eyeing breaking the $2,000 mark in a solid buying push.
According to on-chain analytics platform Lookonchain, Abraxas Capital Management, a prominent player in the digital assets space, is one of the major institutional crypto investor firms, which withdrew a staggering 41,269 ETH—valued at $75.46 million—from Binance and Kraken over an 11-hour period.
The transaction follows a prior withdrawal of 33,035 ETH ($60 million) just hours earlier, bringing their total accumulation to over 74,000 ETH in a single day.
Abraxas Capital Management, known for managing the Elysium Global Arbitrage Fund since 2018, has a history of applying disciplined, traditional finance strategies in the crypto sector. This latest move to accumulate tremendous amounts in ETH suggests their strong conviction in Ethereum’s future.
At the time of writing, ETH is trading near $1,956, as per the latest market data. While the current price marks a staggering 47% decline from its January peak of $3,366, the recent whale activity hints at a potential turning point for ETH, which has faced headwinds amid broader market uncertainty.
The accumulation comes on the heels of Ethereum’s major shift in fundamental developments, such as the recent Pectra upgrade, which just went live on May 7.
Recently, the price of Ethereum had dipped below $1,800 in April 2025 due to macro pressures, including U.S. trade tariffs under President Trump, which triggered a “risk-off” sentiment across markets. Yet, whales have seized the dip as a buying opportunity, with over 130,000 ETH accumulated in early April alone, as per several reports.
Also read: Solana Overtakes Ethereum & BSC with $2.8B in Daily DEX Volume
