Abraxas Capital has intensified its investment in Ethereum (ETH), buying an additional 33,482 ETH for a staggering $84.7 million in the past 12 hours. This latest purchase follows Abraxas’ aggressive accumulation of ETH over the last week and brings their total holdings to over $477 million, with a staggering 211,030 Ether tokens now under their control. The firm has been actively accumulating ETH since withdrawing over $297 million worth from exchanges in recent days. This strategic buying spree coincides with a surge in Ethereum’s price, reaching highs of nearly $2,632 and surpassing the $2,500 mark in the past week.
Abraxas Capital’s actions align with the growing momentum witnessed in the Ethereum market, fueled by notable whale accumulation. While some large holders have taken profits recently, recent developments such as the Pectra upgrade have boosted bullish sentiment. This surge has been further propelled by BlackRock’s filing for an Ethereum Trust that would allow in-kind redemptions, igniting investor optimism on Wall Street.
Furthermore, Abraxas Capital’s buying spree showcases institutional involvement extending beyond just Wall Street, signifying a global investment trend within the Ethereum market. This aggressive approach is consistent with Abraxas’ history dating back to 2017, when Ethereum witnessed a surge during the initial coin offering (ICO) boom.
It’s worth noting that this comes as Ethereum recently reached its all-time high of $4,800 in November 2021.