Abraxas Capital withdraws $92 million in Ethereum from exchanges, signals long-term strategy

• Movement signals institutional hold strategy in Ethereum.
• Transfer to private wallet indicates long-term accumulation.
• Institutions increase exposure to cryptocurrencies amid instability.

London-based asset manager Abraxas Capital moved 49.644 Ethereum (ETH), worth approximately $92 million, in a withdrawal on May 8, 2025. The funds were transferred from Binance and Kraken exchanges directly to its own wallet, outside of trading platforms.

This type of movement usually indicates a holding strategy, signaling that the company is accumulating the cryptocurrency with a long-term focus. Withdrawing ETH to a private wallet reduces the asset's availability on the market and can be interpreted as a position of institutional confidence in Ethereum's future performance.

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Abraxas Capital has withdrawn 49,644 $ ETH ($92M) from #Binance and #Kraken today.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

On the date of the transaction, ETH was priced at around US$1.853. The transaction reinforces the perception that large investors are increasingly aware of opportunities in the cryptocurrency market, even in the face of instability in traditional markets.

The move coincides with a period of decline in major stock indices, such as the S&P 500, which may have encouraged the search for alternative assets. This massive transfer of ETH was also reflected in the charts, with an 18% increase in the trading volume of the ETH/USDT pair throughout the afternoon, in addition to an RSI rising to 58, indicating growing buying pressure.

Abraxas Capital's stance may influence other institutions to follow the same path, reinforcing Ethereum's role as a strategic asset and consolidating its presence in the most robust institutional portfolios.