Is This the Reason Behind Ethereum’s Big Rally? A $500 Million ETH Purchase Is on the Table

London-based asset management firm Abraxas Capital purchased nearly $500 million worth of Ethereum ($ETH) in just six days, according to on-chain data.

According to a post by on-chain analytics platform Lookonchain based on Arkham Intelligence data, the company has acquired an additional 33,482 $ETH (approximately $84.7 million) in the last 12 hours, bringing the total to 211,030 $ETH (approximately $477.6 million).

Lookonchain also stated that Abraxas Capital borrowed 240 million USDT via Aave prior to these acquisitions and deposited these funds into Binance.

Presto Research analyst Min Jung said, “$ETH had lagged behind $BTC throughout the year. However, we see some confidence returning after the Pectra update. The $ETH/$BTC parity had fallen 40 percent since the beginning of the year to 0.02 levels, and it is not surprising that buyers stepped in at these levels.”

LVRG Research Director Nick Ruck stated in his statement that the Pectra upgrade triggered an increase in prices and made the following assessment:

“With positive macroeconomic news, investors have begun to believe that the crypto industry can once again be a haven from market uncertainty. The end of the negative trend in altcoins and the reemergence of risk appetite are changing investor sentiment.”

*This is not investment advice.