Analytics data recently shared by multiple sources unveils that whales have begun hunting Ethereum down and withdrawing it from crypto exchanges into their cold storage vaults.
Institutions go on buying spree as ETH rockets
During the past 24 hours, the second-largest digital currency, Ethereum, has skyrocketed by approximately 33% – in just a single day, ETH went up from $1,810 to $$2,414 earlier today. Last time, ETH traded at this level in early March this year.
After the surge, a rebound pushed ETH slightly down, giving it a decrease of 3.35%. At the time of writing this article, Ethereum is changing hands at $2,336.
Meanwhile, analytics account on X Lookonchain has reported that after this massive price jump, Abraxas Capital Management, that has specialized in digital assets since 2017, continued to accumulate Ethereum. Today, it purchased and withdrew 61,401 ETH worth $116.3 million from various crypto exchanges.
ETH has surged past $2,300, up more than 20% in the past 24 hours.
Meanwhile, Abraxas Capital continues to accumulate, withdrawing 61,401 $ETH($116.3M) from exchanges over the last 2 days.https://t.co/ObH6pw7cwd pic.twitter.com/cKk7K8ZXe0
— Lookonchain (@lookonchain) May 9, 2025
On Thursday, the same fund manager bought 49,644 ETH from Binance for roughly $92 million.
World Liberty Financial grabs 1,587 ETH
Aside from that, a data aggregating company Senora (IntoTheBlock rebranded) published statistics showing that for the third consecutive week, whales have been emptying cryptocurrency exchanges of Ethereum. Total outflows over the past weeks comprise $559 million.
ETH’s exchange outflows continue accelerating for the third week in a row, fueled by its significant price appreciation. pic.twitter.com/hUmYkotxyz
— Sentora (previously IntoTheBlock) (@SentoraHQ) May 9, 2025
Besides, a major player has also stepped in to buy Ethereum today – Donald Trump-affiliated World Liberty Finance acquired 1,587 ETH for roughly $3.5 million. It also added 9.7 WBTC worth $1 million to its cryptocurrency holdings.
