Abraxas Capital has withdrawn 138,511 ETH, worth $297 million, from centralized exchanges over the past two days.

According to data from Lookonchain, the London-based asset management firm’s activity coincides with a sharp surge in Ethereum’s (ETH) price, which jumped over 20% in the past 24 hours to reach $2,371 before settling near $2,295.

The size and timing of this withdrawal suggests a shift toward long-term custody and reduced intention to sell. Such moves are often interpreted as bullish signals, as they decrease immediate market supply and reflect confidence in further price appreciation.

Abraxas Capital’s large-scale transfer is drawing attention amid a broader wave of accumulation. While the firm withdrew 61,401 ETH over two days, the total figure across multiple transactions reached 138,511 ETH, according to onchain data.

Ethereum futures and volume

The withdrawals occurred as Ethereum saw a 20% rise in futures open interest and a 184% jump in trading volume, per Coinglass. At the same time, over $265 million in short positions were liquidated, accelerating the price move.

Though ETH has gained 54% in the last month, it remains down 26% for the year. However, analysts at CryptoQuant point out that Ethereum is now at its most undervalued level relative to Bitcoin since 2019, based on the ETH/BTC MVRV ratio.

Abraxas Capital’s operations highlight the increasing involvement of institutions in the Ethereum markets. Established by Fabio Frontini in 2002 with the aim of creating a top-tier asset management firm, Abraxas Capital Management has focused on digital assets since 2017, quickly rising to become a global leader in the field.