Author: Nancy, PANews
Recently, BTC and ETH have been driving the market, leading to a significant rebound in the crypto market, with increased fund activity and frequent whale movements. Among them, London asset management firm Abraxas Capital has become a focus due to its high-frequency on-chain operations and heavy positioning in Ethereum DeFi strategies.
Accumulating over 270,000 ETH in a single week, heavily deployed in Ethereum LST ecosystem
Recently, Abraxas Capital has been very active on-chain.
Overview of Abraxas Capital's public address asset holdings
According to Arkham data, as of May 20, the total value of crypto assets held by two related public addresses of Abraxas Capital has exceeded $1.15 billion, with a cumulative profit of about $280 million.
In terms of asset structure, besides BTC worth over $190 million, Abraxas Capital's investment portfolio is highly concentrated in the Ethereum Liquid Staking Token (LST) track, used for staking or as collateral in various DeFi protocols. Its main holdings include AwETH, wstETH, awstETH, and weETH, with AwETH and wstETH holdings totaling over $700 million, representing the absolute majority of its overall assets. These assets combine on-chain staking yields and secondary market liquidity, reflecting Abraxas Capital's strategy of balancing stable returns and flexible position adjustments.
In terms of fund growth pace, since mid-February 2025, the institution's asset scale has significantly accelerated, briefly breaking the $1 billion mark recently. In the past week alone (May 13-20), its net assets grew by over $130 million, mainly from a substantial increase in AwSTETH (Aave v3 wstETH) positions, with an increase of over $120 million.
In terms of fund flow, over the past 7 days, Abraxas Capital has withdrawn nearly 270,000 ETH from CEX, completing about 6 buy transactions daily, with a total value of over $690 million. Calculated at an average buy-in price of $2,573.8, compared to the current ETH market price of around $2,500, this position is currently in a temporary floating loss of about $11 million.
Notably, Abraxas Capital has significantly reduced its BTC holdings in one month. On-chain data shows that in the past few weeks, the institution transferred 2,000 BTC to exchanges, worth over $190 million. However, it has recently started repurchasing, withdrawing BTC worth about $85 million from exchanges.
According to Arkham data, Abraxas Capital's ETH funds are mainly flowing to Ethereum DeFi protocols. In the past 7 days, Abraxas Capital has transferred over 174,000 ETH to mainstream DeFi protocols like Aave, Ether.fi, and Compound, estimated at a total value of about $440 million. Particularly, Aave is the main purpose of Abraxas Capital's ETH holdings, currently holding an asset position of over $480 million on AAVE V3.
Thus, Abraxas Capital is becoming one of the more active and heavily positioned institutional players in the Ethereum ecosystem, strengthening asset liquidity and yield reuse rate through deep participation in the DeFi market.
