PANews reported on May 14 that according to The Block, as of 01:10 this morning, London asset management company Abraxas Capital has purchased Ethereum worth nearly $500 million in less than a week. At 01:10, Lookonchain posted on X platform: "In the past 12 hours, Abraxas Capital purchased an additional 33,482 ETH (worth $84.7 million), bringing its total purchase in the past 6 days to 211,030 ETH (worth $477.6 million)." Yesterday, Abraxas Capital first borrowed 240 million USDT from Aave and then deposited it into Binance.
Presto Research analyst Min Jung pointed out that the ETH/BTC exchange rate has dropped nearly 40% this year to 0.02, attracting buyers at the current price. LVRG Research Director Nick Ruck believes that the Pectra upgrade and macroeconomic benefits are jointly driving market sentiment towards positivity. He stated: "As Altcoins break away from the downward trend, investors are re-evaluating the value of cryptocurrencies as a hedging tool."
