Abraxas Capital Holds 278,000 ETH Worth $655M, Withdraws From Binance, Cuts Bitcoin Exposure by $150M

Abraxas Capital has substantially increased its Ethereum holdings, now owning over 278,000 ETH valued at approximately $655 million. Since May 7, the firm has withdrawn 278,639 ETH from cryptocurrency exchanges at an average price of $2,350 per ETH, resulting in an unrealized profit of $77 million. In the past seven hours alone, Abraxas Capital withdrew about 19,834 ETH, worth around $51.58 million, from Binance, indicating continued accumulation. Concurrently, the firm has reduced its Bitcoin exposure by $150 million, signaling a strategic shift toward Ethereum investments. This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz . To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io

Source: The Defiant