London-based Asset Manager Buys Nearly $500M worth of Ethereum in 6 Days

According to blockchain analytics platform Lookonchain, the firm added 33,482 ETH—valued at $84.7 million—in the past 12 hours alone. This pushed Abraxas Capital’s total Ethereum purchases to 211,030 ETH, worth approximately $477.6 million at current prices.

The buying spree was backed by significant leverage. Lookonchain noted that Abraxas borrowed $240 million in USDT from Aave, which they promptly transferred to Binance, likely to execute their trades.

While Ethereum had lagged behind Bitcoin in recent months, it surged 20% last week, breaking above $2,200 after the successful Pectra network upgrade. The move appears to have reignited institutional interest, as evidenced by this major accumulation by Abraxas.

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With ETH now building strength and investor confidence rising, eyes remain on whether it can close the performance gap with Bitcoin and lead the next leg of the altcoin rally.

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