Ethereum (ETH) has experienced a sharp rally, rising 44% from $1,800 to $2,600 over the past week, with the price surpassing both the $2,500 and $2,600 benchmarks. As of May 12, 2025, ETH was trading at $2,505.56, with a circulating supply of 120.73 million ETH. This marked its largest three-day gain since January 2021.
A key driver of the surge was London-based Abraxas Capital, which withdrew 185,309 ETH worth approximately $399 million from exchanges, primarily Binance, over a three-day period. Abraxas Capital had also previously acquired 2,949 Bitcoin valued at over $250 million between April 15 and 18. This accumulation coincided with $100.25 million in short positions being liquidated and a notable increase in trading volume, with perpetuals volume flipping that of Bitcoin.
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