Abraxas Capital Flees Exchanges With $297M in ETH, Leaving Bears in Disarray 😂

It was in these turbulent days—when the price of Ethereum, like the fate of empires, rose and fell at the whims of inscrutable forces—that Abraxas Capital, in its peculiar London solitude, withdrew 138,511 ETH (or, as the peasants might say, $297 million) from the great exchanges of finance. Two days—just a heartbeat in the endless flow of money, but quite enough to cause commotion among those who fancy themselves masters of markets.

According to the infallible oracle known as Lookonchain (imagine a soothsayer with better charts), the firm’s maneuvers seemed to coincide suspiciously with Ethereum’s price erupting like a Moscow samovar left too long on the fire—first surging over 20% in a day to reach the princely sum of $2,371, before gracefully collapsing in exhaustion around $2,295. The whole episode was observed by many with the same mix of dread and hope as a Tolstoyan dinner party eyeing the last slice of cake.

When a sum of this magnitude is spirited away to long-term storage, it’s as if Count Rostov himself had hidden all the good silver. Speculators mutter under their breath of “bullish signals,” which, in plain talk, means those who intended to sell have either grown sentimental or suddenly remembered the joys of hodling. After all, who would part so eagerly with a treasure believed destined for greater glory?

Being creatures of habit, market onlookers—unlike the ever-suffering characters of Russian literature—obsess over details. Was it really 61,401 ETH withdrawn in two days, or the grander 138,511 ETH over several not-so-accidental transactions? Onchain data, perhaps like Tolstoy’s own manuscript drafts, offers plenty of versions, and no satisfaction for those looking for ultimate truth.

Ethereum futures and volume

All this withdrawing and hoarding transpired amid a storm in the futures market—a 20% rise in open interest, and trading volumes swelling by 184% (numbers that would make even an Orenburg tax collector faint). Meanwhile, those betting against this pagan upsurge—“shorts,” as they are affectionately known—watched $265 million vanish more quickly than Pierre Bezukhov’s inheritance, thus proving that the only constant in markets is humiliation, and occasionally, profit.

Despite a 54% gain in the last month, ETH remains in that uniquely Russian state: thriving on the surface, yet lamenting its 26% decline for the year. CryptoQuant, a name of mathematical gravitas, insists that Ethereum is more undervalued relative to Bitcoin than at any time since 2019. The ETH/BTC MVRV ratio—surely an enigma worthy of a Tolstoy subplot—now inspires hope in even the most despondent bears.

Amidst this drama, Abraxas Capital plays the role of the inscrutable aristocrat, moving vast sums with barely a word. Since its founding by the mysterious Fabio Frontini in 2002—back when digital assets were as fantastical as Anna Karenina showing up for dinner on time—the firm has pivoted from traditional assets to cryptocurrencies, now reigning as a global force. One can almost hear the laughter of fate, and see the twinkle in Ethereum’s digital eye. 🥂

2025-05-09 19:51

Ethereum futures and volume

Read More