Abraxas Capital has withdrawn 138,511 ETH, worth $297 million, from centralized exchanges over the past two days. According to data from Lookonchain, the London-based asset management firm’s activity coincides with a sharp surge in Ethereum’s (ETH) price, which jumped over…

Abraxas Capital withdraws $297M in ETH, signaling a bullish market shift

The Ethereum price has not been able to maintain its red-hot start to the 
year&#8217;s second quarter, with the altcoin&#8217;s value still pretty much around where 
it was at the start of June. This sluggish performance comes despite the 
consistent capital inflows witnessed by the US-based spot Ethereum exchange- 
traded funds (ETFs) in the past four weeks. ETH ETFs Snap 19-Day Positive 
Inflow Streak However, this positive record came to an end on Friday, June 
13th, with the spot ETH ETFs registering their first net outflow in the past 
20 days. According to the latest market data, the crypto-linked financial 
products posted a total daily net outflow of $2.14 million to close the week. 
Related Reading: Ethereum Holds $2,500 Support – History Signals $4,000 As 
Potential Target This round of withdrawals could be linked to the escalating 
tensions between Israel and Iran on Thursday evening, with risk assets like 
crypto and stocks feeling most of the impact. Data from SoSoValue shows that 
the Fidelity Ethereum Fund (with the ticker FETH) contributed to most of the 
withdrawals on the day, recording a net outflow of $8.85 million. Grayscale&#8217;s 
Ethereum Mini Trust (ETH) was the only other fund that recorded any 
significant activity, posting a positive net inflow of $6.67 million on 
Friday. Cumulatively, the activities of these two exchange-traded funds led to 
a negative outflow day, ending the 19-day positive inflow streak. 
Nevertheless, this single-day performance barely made a dent in the Ethereum 
ETFs&#8217; record over the past week, which stands at $528.12 million. This 
significant performance extends the exchange-traded funds&#8217; weekly streak to 
five consecutive weeks of positive inflows — registering a total capital 
influx of $1.384 billion in that span. Ethereum Price And Growing Spot ETF 
Demand As seen with Bitcoin and its spot ETFs, the Ethereum price tends to 
react to the activity of the ETH exchange-traded funds investors. As such, 
periods of significant capital inflows for the spot ETFs have been correlated 
with upward price movements for the cryptocurrencies. However, the price of 
Ethereum didn&#8217;t exactly follow this trend during its recent 19-day period of 
substantial capital inflows. This positive streak started on May 16, with the 
Ethereum price ranging between the $2,500 and $2,600 region on the day. 
Related Reading: XRP Price Still On Track For $1.5T Market Cap And 27% Crypto 
Market Dominance While the altcoin&#8217;s price has exceeded this level since then, 
it has not been able to mount a sustained upward run. Recently, the Ethereum 
price broke above the $2,800 level on Thursday, June 12, before crashing down 
towards $2,500 due to the military actions in Asia. As of this writing, the 
price of ETH stands at around $2,511, reflecting an over 1% decline in the 
past 24 hours. With the Ethereum price still pretty much where it was at the 
start of the positive ETF inflow streak, there is a worry about what could be 
holding back the second-largest cryptocurrency. Featured image created by 
Dall-E, chart from TradingView

How Ethereum Price Performed During The 19-Day ETH ETF Inflow Streak

From golden crosses to ascending wedges, Bitcoin traders are increasingly 
optimistic on the future of Bitcoin price action, even as the market tracks 
sideways.

Bitcoin price targets mushroom as traders bet on $140K+ this bull run

This article first appeared in Miner Weekly, Blocksbridge Consulting’s weekly 
newsletter curating the latest news in bitcoin mining and data analysis from 
Theminermag. American Bitcoin Corp (ABTC), the new proprietary Bitcoin mining 
carve-out from Hut 8, backed by Eric Trump and Donald Trump Jr., is taking 
shape as it prepares to go public. The company […]

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Vietnam legalizes crypto under new digital technology law

Ethereum is trading at a critical juncture after intense volatility rocked the 
broader market following renewed conflict in the Middle East. After pushing 
above the $2,800 resistance earlier this week, ETH bulls appeared to regain 
control. However, the price action failed to hold above that level, pulling 
back sharply and signaling hesitation among market participants. Related 
Reading: Whales Dump Over 270 Million Cardano In One Week – Bearish Signal Or 
Shakeout? This retracement comes as macroeconomic and geopolitical tensions 
rise, particularly after Israel’s strike on Iran triggered widespread risk-off 
sentiment across global assets. Ethereum, often seen as a high-beta asset, has 
not been immune to the turbulence. Despite this, it continues to hover near 
important technical zones, maintaining the potential for a larger move in 
either direction. Top analyst Big Cheds weighed in on the situation, 
highlighting a notable technical pattern: ETH is flexing another small body 
with an upper shadow on the weekly chart. This suggests indecision and 
potential weakness at the top, although the structure is not yet fully 
compromised. The next few daily candles could be pivotal in defining 
Ethereum’s short-term trend. Bulls must reclaim $2,800 with conviction to re- 
establish momentum, while further downside could open the door for a deeper 
correction toward previous consolidation zones. Ethereum Holds Range As Market 
Awaits Next Move Ethereum has lost over 15% since last Wednesday, retracing 
from local highs near $2,830 and falling back into the trading range that has 
held since early May. Despite the drop, ETH remains structurally intact, still 
respecting the broader consolidation zone. However, price action continues to 
stall below the $2,770 resistance, keeping traders and analysts split on the 
next move. Some market participants believe Ethereum could ignite the next 
altcoin season if it manages to break above its current range with conviction. 
A decisive close above $2,800 could reestablish bullish momentum and signal 
capital rotation from Bitcoin into ETH and broader altcoins. Others remain 
cautious, pointing to weakening momentum, global instability, and a failure to 
sustain support as early warning signs of a potential breakdown below the 
$2,500–$2,550 area. Adding to the analysis, Cheds shared a technical 
perspective showing that Ethereum’s weekly chart is printing yet another 
small-bodied candle with an upper shadow. This structure is consistent with 
what he sees as a “pre-tower top” setup — a pattern that often precedes 
heightened volatility or a reversal. It highlights the market’s current 
hesitation and the ongoing battle between buyers and sellers. Macroeconomic 
conditions are not helping either. Rising US Treasury yields continue to 
pressure risk assets, while ongoing geopolitical turmoil—especially the 
escalating conflict between Israel and Iran—adds another layer of volatility 
and fear across financial markets. Related Reading: Ethereum Holds $2,500 
Support – History Signals $4,000 As Potential Target ETH Struggles To Hold 
Breakout Ethereum is trading at a critical juncture after failing to hold the 
breakout above the $2,770 level. The chart shows ETH slipping back into its 
prior range, with price now testing support around $2,530 after a sharp 
intraday decline. This move follows a failed breakout attempt, as the price 
was rejected near the 200-day moving average, currently acting as dynamic 
resistance just below $2,650. The volume spike on the recent sell-off confirms 
strong bearish interest, increasing downside pressure. ETH is now sitting 
close to the lower end of a trading range that has persisted since early May. 
A decisive break below $2,500 could open the door for a drop toward the 50-day 
moving average near $2,380. This would put Ethereum on a path to retest 
earlier consolidation levels. Related Reading: Ethereum Faces Stress As 
Israel-Iran Conflict Shakes Sentiment – ETH/BTC Support In Focus On the 
upside, bulls must reclaim the $2,650–$2,770 resistance zone and establish a 
higher low to revive bullish momentum. Failing to do so will likely keep 
Ethereum range-bound or push it lower amid ongoing macroeconomic and 
geopolitical uncertainty. Featured image from Dall-E, chart from TradingView