Abraxas Capital Increases Accumulation, Buys Another 33,482 ETH Worth $84.7 Million
Abraxas Capital, a leading digital asset management firm, continues to ramp up its Ethereum (ETH) investment strategy as it recently made a massive purchase worth over $84.7 million.
A Big Purchase in 12 Hours Brings Total ETH Holdings to Over $477 Million
According to data shared by Lookonchain on the X platform (Twitter), Abraxas Capital purchased 33,482 ETH in just 12 hours amid Ethereum’s strong price surge over the past week.
In the past six days, the firm has accumulated a total of 211,030 ETH, which is worth over $477 million at current market prices. Notably, Abraxas has withdrawn over $297 million in ETH from exchanges, suggesting a long-term holding strategy rather than a short-term trade.
Leveraged Strategy: Borrowed $240 million USDT from Aave, Moved to Binance
The latest purchase comes after Abraxas Capital borrowed $240 million USDT from lending protocol Aave, and deposited the entire amount on Binance. This is a common move by speculative institutions, using financial leverage to take advantage of short-term price increases, while still accumulating long-term strategic assets.
Ethereum Comes Back Strong, Whales Rush to Buy
Abraxas's big buy comes amid a strong recovery for Ethereum, with ETH hitting a high of $2,632, up 8% in 24 hours and nearly 50% in just one week.
The surge in demand from institutional investors, whales, and especially the bullish expectations related to BlackRock’s recent Ethereum ETF filing – which allows for in-kind redemptions – is creating a wave of FOMO (fear of missing out) among investors.
Abraxas Capital and its long-term belief in Ethereum
Abraxas Capital is no stranger to the crypto world. Operating since 2017 – the period when Ethereum exploded with the wave of ICOs – the company has maintained a constant presence in the market. The recent continuous accumulation of ETH shows a strong belief in the long-term potential of Ethereum, despite short-term market fluctuations.
Conclusion
When a major asset manager like Abraxas Capital doubles down on its Ethereum position during a critical time in the market, it not only reinforces confidence in the future of ETH, but also shows the growing institutionalization of the crypto market. With supporting macro factors such as the Ethereum network upgrade (Pectra) and traditional investment products on the way, Ethereum could be on its way to retracing its historic high of $4,800 set in November 2021.
