Ethereum (ETH) Gains Traction Amid Whale Accumulation Efforts

Ethereum (ETH) is experiencing renewed interest as major investors, particularly of Abraxas Capital Management, have made significant withdrawals suggesting confidence in ETH’s future. The cryptocurrency has risen by 6.5%, now trading around $1,955, but is still down 47% from its January peak. The recent Pectra upgrade and whale activity hint at a potential market turnaround.

Ethereum (ETH) has recently seen a surge in interest, mostly fuelled by an uptick in major investors and cryptocurrency whales, signalling a shift in market sentiment. Over the last 24 hours, ETH climbed 6.5% to reach $1,955, with hopes of breaching the $2,000 threshold as buying momentum escalates.

On-chain analytics from Lookonchain reveals that Abraxas Capital Management, a notable player in the digital asset arena, executed a mammoth withdrawal of 41,269 ETH from Binance and Kraken. This transaction, which took place over a period of just 11 hours, was valued at an impressive $75.46 million.

Remarkably, this withdrawal followed shortly after another sizable transaction of 33,035 ETH—worth $60 million—indicating Abraxas’s robust acquisition strategy. In total, this firm has now accumulated more than 74,000 ETH within just one day, underscoring a bullish stance on Ethereum’s potential.

Abraxas Capital Management has been managing the Elysium Global Arbitrage Fund since 2018, embracing traditional finance strategies within the crypto world. Their latest accumulation of ETH suggests a strong belief in the cryptocurrency’s prospects moving forward, amidst a volatile market.

As of now, ETH is trading around $1,956, according to the most current market data. It’s essential to note, though, that this price still represents a staggering 47% drop from its January high of $3,366. However, the recent activities from large investors may indicate a possible shift in fortunes for ETH, especially as it has been navigating a turbulent market.

This notable accumulation comes right after pivotal developments surrounding Ethereum’s recent upgrade, called Pectra, which went live on May 7—a significant event aimed at enhancing the network’s frameworks.

Earlier in April 2025, Ethereum’s price dipped below $1,800 due to wider macroeconomic challenges, including trade tariffs during President Trump’s administration. This situation fostered a ‘risk-off’ sentiment across global markets. Conversely, sharks in the sea of cryptocurrencies seized this dip as a prime opportunity to accumulate wealth, acquiring over 130,000 ETH in early April alone, according to various reports.