According to Lookonchain, Abraxas Capital has withdrawn 278,639 ETH, valued at approximately $655 million, from exchanges since May 7, at an average entry price of $2,350 per ETH (source: x.com/lookonchain/status/1923345325689086171, intel.arkm.com). This accumulation strategy has resulted in an unrealized profit of $77 million for Abraxas Capital. The scale of these withdrawals signals continued institutional confidence in Ethereum and may contribute to reduced liquidity on exchanges, potentially supporting upward price momentum. Traders should monitor exchange outflows and large wallet activity as leading indicators for ETH’s price direction.