Abraxas Capital Buys the Dip, Stashing 2,949 BTC Ahead of Expected Market Reversal

Since the recent high volatility brought on by the rise of trade disputes globally, analysts are now predicting a reversal in market conditions as investors have begun hoarding Bitcoin

Analysts are now predicting a reversal in market conditions with analysts at crypto analytics firm, Lookonchain, reporting that investors have begun swarming into Bitcoin during the Easter holiday season.

After recent high volatility brought on by the rise of trade disputes globally, investors appear to be regrouping in anticipation of a potential shift in market trends.

One such instance of institutional-sized BTC buying was reported by Lookonchain. According to its data, which referenced information from Arkham Intelligence, Abraxas Capital, a London-based investment firm, bought 2,949 BTC, which sold for almost $250 million recently.

The firm bought BTC valued at $45 million+ from Binance, a leading cryptocurrency exchange. Bitcoin price is currently at $85,062 at time of writing.

The buy comes soon after large institutional BTC investors reaffirmed their faith in the cryptocurrency amid the concerns surrounding global tariffs when Michael Saylor's Strategy bought BTC valued at around $285 million.

Coming at a time when crypto exchanges have begun to offer coins at a record rate, large investors have continued to purchase in bulk, accounting for almost 300% of Bitcoin's yearly supply, according to a recent Cointelegraph article.

However, crypto analyst Mignolet, using a pseudonym, has cautioned that the more than 170,000 Bitcoins that entered circulation from the mid-term cohort could indicate "imminent" market turbulence.