Ethereum Breaks Through $2,600 Barrier: Institutional Buying Fuels Breakout

Ethereum has surged past the crucial $2,600 level, marking a significant milestone in its price history. This strong rally is being fueled by substantial accumulation from Abraxas Capital, a firm known for its strategic long-term investments in ETH. Abraxas’s recent activities include accumulating over $600 million in wrapped ETH and deploying these holdings through structured derivatives positions. These moves mirror their successful 2021 strategy of buying ETH around the $600 mark, ultimately leading to a substantial price surge to $4,300.