Wallets linked to K3 Capital and Abraxas Capital withdrew more than 16,900 ETH worth around $30 M from centralized exchanges over the past hour. According to Lookonchain, on July 13, K3 Capital transferred 10,000 ETH worth approximately $17.9 M from Binance, while Abraxas Capital withdrew another 6,948 ETH worth approximately $12.4 M from Binance and Bitfinex.
The latest transfers coincided with a series of large ETH outflows from Binance recorded over the past several days. Lookonchain views these transactions as a sign of accumulation by institutional investors moving ETH off centralized exchanges.
According to analysts, the growing volume of ETH withdrawals from exchanges has coincided with increased activity from large traders, who are simultaneously opening sizable long positions in ETH on platforms such as Hyperliquid.
Earlier, we reported that Ethereum Institutional, an independent organization, has started operating within the Ethereum ecosystem to help banks and other major market participants choose infrastructure for on-chain finance. The project also focuses on market analytics, industry events, and promoting the Ethereum ecosystem among institutional clients.