Abraxas Capital, a prominent global asset management firm, has committed to large ETH accumulation amid the growing crypto market momentum.
The latest X post from on-chain tracking firm Lookonchain shows that the firm made a fresh ETH buy involving 33,482 ETH worth $84.7 million on May 13.
According to the data provided, Abraxas acquired the tokens in multiple transactions executed within 12 hours. The highest purchase in a single transaction involved about $12.18 million worth of ETH.
Notably, the purchase was made from the world’s leading cryptocurrency trading platform, Binance, during the mid-hours of Tuesday.
This move comes as Ethereum is seen trailing among the top crypto market gainers over the last week, flipping Bitcoin in weekly price growth.
The impressive price surge experienced by the second-largest cryptocurrency by market capitalization has been traced to massive buying activities from retail and institutional investors.
Ethereum up by 48.73%
With Abraxas boasting a massive 211,030 ETH accumulation worth about $477.6 million in the last six days, there are speculations that this whale might have contributed largely to the bullish price trend Ethereum witnessed during the period.
While Abraxas is renowned for its large Ethereum trading activities, this aggressive accumulation has attracted attention from the crypto community, making the firm one of the most active institutional buyers of Ethereum in recent days.
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Amid this bullish activity, Ethereum has skyrocketed massively by over 48% in the last seven days, according to data from CoinMarketCap. While the token has returned to the green zone today, after trading sideways and returning some of its gains on Monday, ETH is now trading at $2,657 as of press time.
While the move has sparked discussions among the crypto community, it has boosted investor confidence in the asset, as market participants expect more bullish moves like this from large holders.
Although ETH has slowed down its rapid ascent, investors have remained optimistic about its continued upsurge, as on-chain signals provide a sustainable outlook for Ethereum.