Abraxas Capital appears to be rotating from Bitcoin into Ether, according to on-chain monitoring cited by BlockBeats. On July 15, Lookonchain said the firm had shown signs of selling BTC while accumulating ETH. Over the past three hours, Abraxas Capital withdrew 8,153 ETH worth about $15.3 million from Binance and Bybit. During the same period, it deposited 618 BTC worth roughly $39.99 million to Kraken. The wallet activity has prompted speculation that the institution is reducing its Bitcoin exposure and increasing its Ether position, based on the exchange flows tracked by Lookonchain.
Abraxas Capital appears to be rotating out of Bitcoin and into Ether, according to Lookonchain data cited by BlockBeats on July 15.
Over the past three hours, the firm withdrew 8,153 ETH worth about $15.3 million from Binance and Bybit. At the same time, it deposited 618 BTC worth roughly $39.99 million to Kraken.
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