It has been determined that the London-based asset management company Abraxas Capital has purchased approximately 500 million dollars worth of Ethereum (ETH) within a week.
According to Arkham Intelligence’s data, the company made a purchase of 211,030 ETH in the last six days. During the transactions, the value of these assets was 477 million dollars. With the recent price increase, 211,030 ETH is now worth 569 million dollars.
ETH today, after about three months, surpassed the 2,700 dollar level. The recent price increase of the second largest cryptocurrency by market capitalization has thus exceeded 50% in the past week. ETH’s strong performance is attributed to the improvement in overall risk appetite as well as the recent Pectra update. It is believed that the cryptocurrency has regained investors’ confidence with the Pectra update.
On the other hand, experienced analyst Peter Brandt had recently pointed out the squeeze in the ETH chart. In his assessment when the price was at the 2,300 dollar level, Brandt had written that this squeeze could result in a big breakout.
Published: May 13, 2025 22:44Last Update: May 13, 2025 22:45
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