Abraxas Capital and Grayscale Buy Over $560M in Ethereum as ETH Rallies 44%

London-based asset manager Abraxas Capital has made substantial purchases of Ethereum (ETH) over the past week, accumulating between $477.6 million and $561 million worth of ETH. The firm acquired 211,030 ETH valued at $477.6 million over six days, with some data indicating total purchases of 242,652 ETH ($561 million) in the past week.

Abraxas Capital's acquisition spree included a single purchase of 33,482 ETH ($84.7 million) and large withdrawals from exchanges such as Binance and Kraken. The activity was partly financed by borrowing $240 million USDT from Aave, which was then deposited into Binance to facilitate further ETH purchases.

On-chain data shows that Abraxas Capital withdrew 185,309 ETH (approximately $399 million) from exchanges in a three-day period. These withdrawals coincided with a 44% surge in Ethereum's price from $1,800 to $2,600.

In addition to Abraxas Capital's activity, Grayscale has also purchased $7.4 million worth of ETH in the same period.

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