Abraxas Capital Acquires $84.7M in Ethereum, Fuels ETH Bullish Trend

Abraxas Capital, a global asset management firm, has intensified its Ethereum (ETH) holdings amid the latest crypto market rally. According to on-chain data from Lookonchain, Abraxas purchased 33,482 ETH worth $84.7 million on May 13, executing multiple transactions within 12 hours. The largest single purchase involved $12.18 million in ETH, sourced from Binance.

This aggressive move reflects growing institutional interest in Ethereum, which recently outpaced Bitcoin in weekly price performance. Over the last seven days, ETH has surged by 48.73%, trading at $2,657 as of press time, according to CoinMarketCap. Analysts and traders attribute the surge to strong buying momentum from both retail and institutional players.

Abraxas has now accumulated approximately 211,030 ETH in just six days, with a total value of around $477.6 million. This positions the firm as one of the most active Ethereum whales in the current market cycle. The substantial buying pressure from Abraxas is believed to be a key driver behind ETH’s recent breakout.

Ethereum's positive price movement and increased on-chain activity are reinforcing investor confidence, despite a brief slowdown earlier this week. The accumulation by major players like Abraxas is widely seen as a bullish signal, suggesting continued upside potential for the second-largest cryptocurrency by market cap.

With institutional accumulation on the rise and Ethereum maintaining strong fundamentals, many market watchers expect further gains. As on-chain metrics remain favorable, ETH appears poised to sustain its upward momentum in the near term.