Abraxas Capital Withdraws $36.4M ETH from Binance, Raising Market Scrutiny

A significant withdrawal of $36.4 million worth of Ethereum (ETH) from Binance, the world’s largest cryptocurrency exchange, has captured attention in the crypto community. Blockchain analytics firm Lookonchain highlighted Abraxas Capital as the entity responsible for this large move, revealing that it transferred a substantial 13,771 ETH off the platform within the past 12 hours. While this transaction is just one data point and lacks details on the exact reason behind the withdrawal, its scale warrants analysis and insights from market participants.