K3 Capital, Abraxas withdraw $30.3M in ETH from exchanges

Institutional investors appear to be continuously accumulating Ethereum (ETH), according to Lookonchain. The on-chain analytics firm reported that an address associated with K3 Capital withdrew 10,000 ETH ($17.85 million) from Binance about an hour ago. At the same time, Abraxas Capital also withdrew 6,948 ETH ($12.42 million) from Binance and Bitfinex. Withdrawals from exchanges are typically interpreted as a move to hold assets.