#eth Is This the Reason Behind Ethereum’s Big Rally? A $500 Million ETH Purchase Is on the Table
2025-05-14 00:37:32
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.”
🌍LVRG Research Director Nick Ruck stated in his statement that the Pectra upgrade triggered an increase in prices and made the following assessment:
“With positive macroeconomic news, investors have begun to believe that the crypto industry can once again be a haven from market uncertainty. The end of the negative trend in altcoins and the reemergence of risk appetite are changing investor sentiment.”