- Abraxas Capital moved $75M+ in ETH from Binance, Kraken, and DeFi to its wallets in 11 hours.
- The firm also withdrew and redeployed tens of millions in USDT, AETH, and WETH across protocols.
- Activity suggests strategic asset rebalancing across centralized and decentralized platforms.
Abraxas Capital Management, operating under the Heka Fund label, executed a series of major Ethereum (ETH) transactions within 11 hours, moving more than $75 million in ETH from centralized exchanges and DeFi platforms to its wallets. Blockchain data reveals that the firm withdrew 41,269 ETH from Binance and Kraken, alongside additional transfers involving Aave and Compound.
The latest activity includes a 500 ETH transfer, valued at roughly $965,100, from Aave’s WrappedTokenGateway to an Abraxas-controlled address. The movement suggests recent interaction with decentralized protocols, likely tied to position management or capital reallocation.
Within five hours, the Heka Fund received two high-value ETH inflows. A Kraken hot wallet transferred 21,999 ETH, approximately $39.92 million, to the fund. Simultaneously, a Binance hot wallet sent 11,036 ETH, worth around $19.86 million. These two transactions alone brought the fund’s inflows to nearly $60 million in ETH over that brief period.
Other notable Binance-origin transactions ranged from 599.99 ETH to more than 2,000 ETH per transfer. The Ethereum withdrawals from both Binance and Kraken totaled 41,269 ETH, with an estimated value exceeding $75 million based on current prices.
Stablecoin Outflows and DeFi Positioning Also Noted
Abraxas Capital also withdrew stablecoins from its wallets apart from accumulating ETH. Recent hours of blockchain records revealed that the fund transferred 4 million USDT to Binance and 1 million USDT to Bitfinex. These transfers could concern trade execution or liquidity provision on centralized platforms.
On the DeFi side the firm received 25m USDT from Compound and almost $30m in AETH and WETH from Aave and a Null Address. These inflows appear linked to DeFi position closures or cross-protocol bridging. One recorded transaction also shows a deposit of approximately $9.9 million worth of ETH into Compound’s Bulker contract, reflecting active involvement in decentralized lending or liquidity strategies.
Diverse Platform Usage Reflects Active Asset Allocation
The variety of transaction types with counterparties such as Kraken, Binance, Bitfinex, Compound, Aave, and smart contract addresses shows their diversified operation. Transfers were intentionally spread over 11 hours according to a plan of capital conversion after the internal treasury or risk management.
ETH movements from exchanges & DeFi protocols show institutional level asset rebalancing. The size and placement of the transactions reflect calculated position in centralized and decentralized environments. Abraxas Capital has neither made any public comment concerning the motive and the strategy used in moving the assets.
