- Abraxas scooped 185K ETH in 3 days, signaling heavy institutional interest.
- OKX may have cycled $17M ETH internally, suggesting exchange wallet reshuffling.
- ETH inflows to accumulation wallets hit a new high, beating 2021 and 2023 peaks.
Ethereum whales are on the move, as two major events have shifted over $400 million in ETH. A suspected internal OKX wallet reshuffle and aggressive accumulation by Abraxas Capital are signaling renewed institutional momentum despite overheated market indicators.
Whale Cycles Point to Internal Exchange Activity
Ethereum whale activity intensified this week as 7,078 ETH worth $17.14 million was deposited to OKX, just three months after the same amount was withdrawn from the exchange. With ETH still trading below the earlier withdrawal value of $18.6 million, the move reflects a realized paper loss of roughly $1.46 million. In a post by Lookonchain, the transfer was identified as a potential internal consolidation across OKX-linked wallets.
Blockchain data confirms that the same wallet previously received the identical amount of ETH from an OKX hot wallet in February, suggesting a complete round-trip of funds. The repeat quantity and timing hint at automated asset management or custody cycling common among centralized exchanges. On-chain visibility of both inflows and outflows supports theories of cold storage rotation or liquidity balancing ahead of market catalysts.
Abraxas Capital Accelerates $399M ETH Accumulation
Abraxas Capital Management’s Heka Fund has accumulated 185,309 ETH, valued at approximately $399 million, in three days, as Ethereum surged from $1,800 to $2,600. According to another report by Lookonchain, inflows originated from multiple Binance hot wallets and a gas supplier address, with 15 transactions executed to a single Abraxas-linked wallet. The fund has not moved any ETH out, marking this as a unilateral accumulation phase.
The ETH inflow data reveals a strategy focused on centralized exchange withdrawals amid bullish momentum. Transactions ranged from 0.014 ETH to 4,503 ETH, with the largest volumes arriving from wallets 0x56E, 0xDFd, and 0x497. Strategic objectives appear to align with long-term exposure and direct custody, as inflows increase amid growing institutional appetite and reduced exchange reliance.
CryptoGoos Data Flags Record-Breaking Inflows
Ethereum accumulation addresses are witnessing their largest-ever inflow event, surpassing all prior cycles since 2017. From Q1 2025 to May, inflows exceeded 400,000 ETH, with price levels ranging between $2,500 and $3,000. Crypto Rover shared a chart showing inflow spikes far beyond the 160K ETH levels seen in 2021 and 2023.
Growing adoption trends continue to influence asset flows, as historical patterns suggest that high inflows precede major price expansions. Accumulation is notably higher during corrections, marking a clear shift in whale behavior. Comparative analysis reveals important disparities in market responses between retail panic selling and institutional scooping.
Market Momentum Faces Resistance Near $2,560
Ethereum’s price hit resistance at $2,560 on May 11, pausing after a vertical rally through early May. The RSI currently sits at 83.47, well into overbought territory, signaling overheated conditions. MACD indicators remain bullish, but a tapering volume profile near resistance suggests limited immediate upside.
The $2,501 level continues to act as short-term support amid consolidation attempts below the resistance band. Price structure confirms a breakout from late-April consolidation, though profit-taking may prompt a cool-off phase. Such shifts are prompting firms to recalibrate strategies as Ethereum tests new thresholds in 2025.
