Abraxas Capital has significantly increased its Ethereum holdings, pulling over $655 million worth of ETH from exchanges. This action comes as a signal that investors are increasingly bullish on the cryptocurrency’s potential, especially considering the average purchase price sits at $2,350. The unrealized profit from these recent purchases amounts to $77 million. Furthermore, the firm has also cut back on their Bitcoin holdings by an amount of $150 million. Recent market activity shows a surge in ETH withdrawals from exchanges, with over 19,834 ETH being withdrawn just in the last seven hours, alone. This trend suggests that the crypto market is poised for an alt season fueled by Ethereum’s parabolic rise. If this scenario plays out as many believe it will, then other altcoins are expected to follow suit.