Abraxas Capital has bought nearly $500 million worth of Ethereum in six days

Abraxas Capital, a London-based asset manager, bought nearly $500 million worth of Ethereum in less than a week as of 01:10am today. Lookonchain posted on the X platform at 01:10am: "In the past 12 hours, Abraxas Capital has purchased an additional 33,482 ETH (worth $84.70 million), bringing its total purchases over the past 6 days to 211,030 ETH (worth $477.60 million)." Yesterday, it was reported that Abraxas Capital first borrowed 240 million USDT from Aave and then deposited it into Binance.
Min Jung, analyst at Presto Research, pointed out that the ETH/BTC exchange rate has fallen by nearly 40% to 0.02 during the year, and the current price has attracted buyers to intervene. Nick Ruck, Chief Research Officer of LVRG, believes that the Pectra upgrade and the macro positive have combined to drive the market sentiment to positive. "As counterfeit products come off the downtrend, investors are reassessing the value of cryptocurrencies as a hedge tool," he said.