Abraxas Capital appears to sell BTC, buy ETH

Abraxas Capital has withdrawn 8,153 ETH ($15.3 million) from Binance and Bybit and deposited 618 BTC ($39.99 million) to the exchanges over the past three hours, according to Lookonchain. Typically, withdrawals from exchanges suggest an intent to hold, while deposits are often interpreted as a precursor to selling.