London-based investment firm Abraxas Capital made headlines this week with a major Bitcoin purchase totaling nearly $250 million, adding 2,949 BTC to its balance sheet in the days leading up to April 19. The firm’s latest buy—a $45 million transaction sourced from Binance on April 18—was flagged by blockchain analytics platform Arkham Intelligence and reported by Lookonchain.
The timing of the acquisition suggests that institutional investors are continuing to double down on Bitcoin, even amid geopolitical tensions and macroeconomic headwinds. Just days earlier, MicroStrategy—led by Bitcoin advocate Michael Saylor—disclosed a $285 million BTC purchase at an average price of $82,618 per coin, reinforcing the narrative that big players see recent price levels as a long-term opportunity.
Despite these heavyweight moves, analysts expect a subdued Easter weekend across crypto markets, citing the lack of major economic events and a temporary pause in volatility after two weeks of heightened swings tied to global trade concerns. Still, long-term holders and whales remain active, with on-chain data showing continued accumulation and record-low balances on centralized exchanges.
The wave of large-scale buys also points to a growing mismatch between Bitcoin’s issuance and demand. According to analysts, whales are now accumulating BTC at over three times the current mining issuance rate—a dynamic that could amplify future supply shocks.
Volatility Fears Rise Despite Whale Buys
While institutional investors and crypto whales continue to amass Bitcoin, analysts are raising red flags over a new source of potential market instability: the medium-term holder cohort. These investors—defined as those holding BTC for three to six months—have moved over 170,000 BTC into circulation in recent days, according to on-chain data flagged by pseudonymous CryptoQuant analyst Mignolet.
Such significant outflows from mid-term wallets are often interpreted as precursors to heightened market activity, with some analysts warning of “imminent” volatility. However, others argue the risk may be overstated. Bitfinex analysts explained that most of the recent movements occurred off-exchange and are unlikely to trigger meaningful price action in the short term, especially over a low-volume holiday weekend.
“It is important to note that funding rates remain relatively flat currently. Moreover, US markets are closed as we have a long weekend for Easter, so volatility could be suppressed barring headlines from the White House,” Bitfinex said.
Despite this, recent events have fueled trader anxiety. On April 13, the price of Mantra (OM) collapsed by over 90% in a matter of hours—from $6.30 to below $0.50—raising allegations of market manipulation and exposing persistent liquidity vulnerabilities in certain corners of the crypto market.
Just a week earlier, Bitcoin itself experienced a sudden Sunday drop below $75,000 amid broader financial market turbulence. That decline followed the largest single-day sell-off in S&P 500 history—a staggering $5 trillion in market value—which rippled into crypto markets and sparked fears of a broader risk-off shift.
Quick Facts
- Abraxas Capital acquired nearly 3,000 BTC, worth over $250 million, ahead of Easter weekend.
- The firm’s purchases included a significant $45 million transaction from Binance on April 18.
- This mirrors a broader trend of institutional investment in Bitcoin, following MicroStrategy’s $285 million acquisition.
- Analysts predict a stable Easter weekend for crypto markets, though volatility from medium-term holders remains a concern.
