Abraxas Capital Accumulates $561M in ETH, Shifts from BTC

Generated by AI AgentCoin World
Thursday, May 15, 2025 2:23 am ET1min read
ETH
--

Abraxas Capital has emerged as a significant player in the Ethereum (ETH) market, with a total ETH holding value of $561 million over the past week. This strategic move reflects the organization's confidence in ETH's potential and raises questions about its impact on the cryptocurrency market in the near future.

Over the past week, Abraxas Capital has been a focal point by continuously accumulating ETH on a large scale. According to data, on May 14, 2025, the organization purchased 242,652 ETH within 7 days, equivalent to $561 million. This aggressive accumulation strategy involved withdrawing ETH from multiple major exchanges, primarily Binance, with transactions ranging from 2,100 to 6,497 ETH per instance, corresponding to values between $5.44 million and $17 million. The organization conducted 189 transactions in 10 hours, highlighting its aggressive approach to accumulating ETH.

Another notable point is Abraxas’s shift from Bitcoin (BTC) to ETH. A wallet linked to the organization withdrew 2,949 BTC, equivalent to $250 million, from several exchanges. However, by May 8, 2025, the organization deposited 1,000 BTC to Kraken. They hold only 983 BTC, equivalent to $98 million at current prices. This indicates that Abraxas significantly reduced its BTC position to focus on ETH, with ETH holdings surging to $561 million in the same period.

This shift may reflect Abraxas’s confidence in ETH’s long-term potential, particularly as the Ethereum ecosystem thrives with DeFi and NFT applications. The reduction in BTC holdings and increased investment in ETH suggest they may be preparing for a new growth cycle for Ethereum, especially after ETH recently surpassed the $2,500 mark. A user on X commented, “ETH is a bet on fundamentals. Ethereum dominates on developers, stablecoins,

RWAs
and NFTs.”

With its potential, analysts believe that Ethereum could soon surpass Bitcoin. By 2026, Ethereum’s strategic reserve is expected to increase to 10 million ETH. This strategic move by Abraxas Capital could influence ETH price trends in the near future, given their significant holdings and aggressive accumulation strategy.