Abraxas Capital, a London-based global asset management firm, has aggressively acquired approximately 211,030 ETH valued at $477.6 million in just six days, according to on-chain data from Lookonchain and Arkham Intelligence. This accumulation includes a recent purchase of 33,482 ETH worth $84.7 million within a 12-hour window on May 13, executed primarily through Binance, the world’s leading cryptocurrency exchange. Prior to these purchases, Abraxas Capital borrowed 240 million USDT via the Aave lending protocol and deposited these funds on Binance to facilitate the acquisitions.
The surge in institutional buying activity coincides with Ethereum’s strong price performance, which has seen a rally of over 48% in the past week. Ethereum recently outperformed Bitcoin in weekly price growth, trading around $2,657 as of the news report. Market analysts attribute this bullish trend to both large-scale buying by players like Abraxas Capital and renewed investor confidence stemming from recent network upgrades such as the Pectra update.
Industry experts note that this institutional commitment has helped reverse the negative price momentum ETH experienced earlier in the year. Analysts from Presto Research and LVRG Research highlight that the resurgence in ETH/BTC parity and the improved macroeconomic environment have rekindled risk appetite among investors, further driving the rally. The aggressive purchases by Abraxas have drawn significant attention within the crypto community, positioning the firm as one of the most active institutional buyers of Ethereum in recent times.