According to on-chain data, Abraxas Capital purchased nearly $400 million worth of ETH within three days (May 8-11). During these three days, it withdrew 185,309 ETH from CEX, valued at approximately $399 million. Moreover, Abraxas Capital did not just enter the market in recent days; it started accumulating ETH a few days earlier. Before this period, Abraxas also withdrew 138,511 ETH (worth over $290 million), accumulating nearly $700 million worth of ETH in about a week. Why did it focus its activities within this week? Only Abraxas knows its main motivation. Let's take a look at the background of Abraxas Capital, and you can judge for yourself. Abraxas Capital is an asset management company headquartered in London, established over 20 years ago (2002). It entered the crypto field in 2017 and is currently one of the key institutional participants in crypto asset management. In 2022, it launched the Alpha Bitcoin Fund, and in 2023, the Alpha Ethereum Fund. Its clients are mainly institutional investors and high-net-worth individuals, offering customizable crypto investment products focused on arbitrage, DeFi investments, and helping to solve liquidity issues with token lock-ins. Besides its activities on CEX, Abraxas also deposits funds into DeFi protocols to profit (such as Aave, Compound, etc.).