As per recent onchain data, Abraxas Capital, an asset management firm based in London, has acquired almost half a billion dollars of Ethereum in less than a week. The firm purchased another 33,482 ETH, amounting to $84.7 million, in just the last 12 hours. This purchase brings Abraxas Capital’s total Ethereum acquisition over the past six days to 211,030 ETH, which is approximately $477.6 million, as reported by Lookonchain and confirmed by Arkham Intelligence data.
As of 2:26 p.m. on Tuesday, Ethereum was trading at $2,614.33, showing an increase of about 6% on the day, as per The Block Price Page. Lookonchain also revealed that Abraxas Capital borrowed 240 million USDT from Aave and deposited it on Binance.
Despite Ethereum’s mediocre performance compared to Bitcoin’s gains in recent months, Ethereum surged by 20% last week, exceeding the $2,200 mark, following the significant Pectra upgrade. “ETH is finally catching up after lagging behind Bitcoin for most of the year,” commented Min Jung, a research analyst at Presto Research.
Director of LVRG Research, Nick Ruck, informed The Block that the Pectra upgrade triggered bullish price action. “In addition to positive macroeconomic news, traders think that the crypto industry may have regained momentum as a hedge against market uncertainty,” Ruck stated last week.
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