Ethereum Surges Over 20% to $2,300 as Abraxas Capital Withdraws $116M from Binance and Kraken; Bitcoin Hits $103K

Ethereum (ETH) has experienced a notable surge, rising more than 20% in the past 24 hours to surpass $2,300. Over the last two days, Abraxas Capital Management, also known as Heka Funds, has been actively accumulating ETH by withdrawing a total of 61,401 ETH valued at approximately $116.3 million from major cryptocurrency exchanges Binance and Kraken. On May 8 alone, the firm withdrew 49,644 ETH worth $92 million, continuing a pattern of significant withdrawals from these platforms. Meanwhile, Bitcoin (BTC) has also seen an increase, rising about 4% to $103,000. The growing institutional accumulation of Ethereum and its sharp price increase have led to ETH surpassing Bitcoin in market mindshare.