#Ehterium

Is This the Reason Behind Ethereum’s Big Rally? A $500 Million ETH Purchase Is on the Table

London-based asset management firm Abraxas Capital purchased nearly $500 million worth of Ethereum (ETH) in just six days, according to on-chain data.

According to a post by on-chain analytics platform Lookonchain based on Arkham Intelligence data, the company has acquired an additional 33,482 ETH (approximately $84.7 million) in the last 12 hours, bringing the total to 211,030 ETH (approximately $477.6 million).

Lookonchain also stated that Abraxas Capital borrowed 240 million USDT via Aave prior to these acquisitions and deposited these funds into Binance.

Presto Research analyst Min Jung said, “ETH had lagged behind BTC throughout the year. However, we see some confidence returning after the Pectra update. The ETH/BTC parity had fallen 40 percent since the beginning of the year to 0.02 levels, and it is not surprising that buyers stepped in at these levels.”