PANews reported on May 14 that according to The Block, as of 01:10 am today, London asset management company Abraxas Capital has purchased nearly $500 million worth of Ethereum in less than a week. At 01:10 am, Lookonchain posted on the X platform: "In the past 12 hours, Abraxas Capital has purchased another 33,482 ETH (worth $84.7 million), bringing its total purchases 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 in Binance.
Min Jung, an analyst at Presto Research, pointed out that the ETH/BTC exchange rate has fallen by nearly 40% this year to 0.02, and the current price has attracted buying intervention. Nick Ruck, director of research at LVRG, believes that the Pectra upgrade and macroeconomic benefits have jointly driven market sentiment to a positive turn. He said: "As altcoins break away from the downward trend, investors are re-evaluating the value of cryptocurrencies as a hedging tool."
