Abraxas Capital doubles down on Ethereum, scoops 33,482 ETH for $84.7m

Abraxas Capital has accelerated its accumulation of Ethereum with another massive buy worth over $84.7 million.

The asset management firm, which has aggressively bought Ethereum (ETH) over the past week, added to its growing haul with another 33,482 ETH.

According to Lookonchain, who shared details of Abraxas Capital’s buys on X, the company scooped $84.7 million worth of the top altcoin within the past 12 hours.

Accumulation over the past six days now sees Abraxas hold over $477 million of ETH, with total purchases bringing its haul to 211,030 Ether tokens.

Having recently withdrawn over $297 million worth of Ethereum from exchanges, the firm is one of the most aggressive bulls for Ethereum – this coming amid the latest ETH price spike to above $2,500. The latest purchase comes after Abraxas Capital borrowed 240 million Tether (USDT) from Aave, depositing it all into crypto exchange Binance.

Abraxas Capital’s buying spree aligns with a resurgence for Ethereum amid notable whale accumulation. While downside pressure has recently also come from some large holders taking profits, developments such as the Pectra upgrade have helped catalyze bulls.

ETH price has reached highs of $2,632, up by 8% in the past 24 hours and nearly 50% in the past week. 

Gains come as bullish anticipation spikes, one of the key moves being BlackRock’s filing for approval to allow in-kind redemptions of its Ethereum Trust. The filing has investors upbeat amid a fresh explosion of interest from Wall Street.

Meanwhile, Abraxas Capital’s buying suggests institutional involvement in Ethereum markets isn’t just on Wall Street, but across the globe.  Abraxas Capital’s traction in the digital assets space goes back to 2017, the year ETH exploded amid the initial coin offering boom.

Ethereum price reached its all-time high above $4,800 in November 2021.