Is Abraxas Capital Leading Ethereum to New All Time Highs?

TLDR

Abraxas Capital bought 211K ETH in 6 days. The firm spent $477.6M on Ethereum. ETH price surged 8.4% to $2,690. Technicals show strong bullish momentum. On-chain data confirms heavy accumulation.

Abraxas Capital has acquired 211,030 Ethereum (ETH) in the last six days, spending nearly $477.6 million. The latest purchase included 33,482 ETH worth $84.7 million, completed within 12 hours. This rapid accumulation signals a strategic move during heightened market activity and price momentum.

Abraxas Capital Continues Aggressive Ethereum Purchases

Abraxas Capital, a London-based asset management firm, has significantly expanded its Ethereum holdings over the past week. The firm added 33,482 ETH in the last 12 hours, bringing its six-day total to 211,030 ETH. These transactions totaled $477.6 million, based on recent on-chain activity.

Abraxas Capital bought another 33,482 $ETH($84.7M) in the past 12 hours, bringing their total purchases over the last 6 days to 211,030 $ETH($477.6M).https://t.co/qZZkGndZEd pic.twitter.com/mOIdthyWUG

— Lookonchain (@lookonchain) May 13, 2025

The firm executed these acquisitions during a notable market upswing, likely aiming to leverage Ethereum’s increasing value. According to Lookonchain and Arkham Intelligence, this buying spree has been consistent and deliberate. With Ethereum’s upward momentum, this strategy suggests Abraxas Capital anticipates further price gains.

The timing of these purchases aligns with surging demand and market-wide optimism. Blockchain data confirms heavy accumulation patterns from large-scale buyers like Abraxas. These actions demonstrate a focused effort to gain significant exposure to Ethereum within a narrow timeframe.

Ethereum Price Gains as Market Reacts to Demand Spike

Ethereum’s price climbed sharply in the past 24 hours moving from approximately $2,458 to $2,690.62. This 8.43% increase came amid heavy trading volume and intensified buying pressure. The rally lifted Ethereum’s market capitalization to $324.83 billion.

The price initially showed some fluctuations but began a steady rise around midday. Momentum increased throughout the evening, with market data showing vigorous buying activity. The 24-hour trading volume reached $32.01 billion, reflecting a volume-to-market cap ratio of 9.6%.

Source: Tradingview

The RSI reached 82.17, which signals overbought conditions in the short term. Despite this, the MACD indicator confirms continued bullish momentum.

The MACD line at 208.52 remains well above the signal line at 118.94. The expanding histogram bars show strong momentum and growing market conviction. While the RSI suggests caution, market strength remains intact.

Volume surged during the rally, showing widespread interest and sustained accumulation. Technical signals point to further gains, though short-term consolidation.

On-Chain Trends Support Broader Market Movement

The Ethereum volume from October 2023 to May 2025 shows notable trading surges. Key volume spikes occurred in late October 2023, mid-March 2024, and  May 2025. These spikes align with significant buying periods and price movements.

Source: Coinglass

Recent data shows Ethereum experiencing increased liquidity and larger transaction sizes. This pattern reflects growing interest from large capital allocators and institutions. As a result, Ethereum remains at the center of broader crypto market attention.

Abraxas Capital’s recent activity underlines this trend and highlights the scale of capital entering the Ethereum market. With the upward price and metrics supporting momentum, Ethereum continues its strong performance. Strategic acquisitions such as this suggest confidence in its medium-term outlook.

 

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