Ethereum Surge: Institutional Investors Pull Billions from Exchanges

Ethereum’s price has seen a notable surge, exceeding $4,500 and breaking its all-time high record. This significant increase is attributed to major institutional investors pulling billions of dollars worth of ETH from centralized exchanges in just three days. Abraxas Capital was notably responsible for a substantial withdrawal, transferring 185,309 ETH – a move that has tightened circulating supply and fueled price growth. This surge follows a previous week-long rally where Ethereum jumped over 44% from $1,800 to $2,600, further indicating the influence of institutional investors.