According to Lookonchain, Abraxas Capital Mgmt (Heka Funds) withdrew 33,035 ETH (worth $60 million) from Binance and Kraken five hours ago (source: Lookonchain via Twitter, May 8, 2025; intel.arkm.com). Large-scale Ethereum withdrawals from major exchanges often indicate a move to long-term holding or preparation for off-exchange transactions, which can reduce immediate sell pressure and potentially impact ETH price dynamics. This sizeable outflow is significant for traders monitoring exchange liquidity and whale movement trends, as such actions have historically preceded volatility or directional price changes in the crypto market.

According to Ai 姨 (@ai_9684xtpa), Abraxas Capital Mgmt withdrew 21,999 ETH, valued at $39.92 million, from Kraken at an average price of $1,814 during the recent Ethereum rebound. The ETH was subsequently deposited into DeFi platforms Aave and Compound. The wallet is now showing a floating profit of $658,000, reflecting strong DeFi activity and institutional confidence in ETH. Such large-scale institutional movements can positively influence Ethereum trading sentiment and signal bullish momentum for decentralized finance tokens. (Source: twitter.com/ai_9684xtpa/status/1920311586226401547)

According to Ai 姨 (@ai_9684xtpa), Abraxas Capital Mgmt's associated address 0xEd0...a4312 deposited a total of 24,810 ETH, valued at $66.04 million, to exchanges in the past 24 hours with an average deposit price of $2,661. The address holds 110,224 ETH across Lido, ether.fi, Aave, and Compound, with a total value of approximately $295 million.