London-based Asset Manager Buys Nearly $500M worth of Ethereum in 6 Days
Ethereum has caught the attention of major institutions again. Onchain data reveals that London-based asset manager Abraxas Capital has aggressively accumulated over $477 million worth of ETH within just six 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.
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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