While Ethereum continues surging, it has garnered attention from a large wave of investors. In the past few days, ETH has been a heavily buzzing asset, with various whale transactions highlighting its significance and Abraxas Capital has come out as a leader among all ETH buyers this month.
Abraxas Capital, a digital asset management firm, has purchased over $837 million of ETH in the past 14 days. In this latest buying spree, the firm started acquiring ETH on May 7, with it buying 46,295 ETH—worth approximately $115.3 million—in a latest transaction on May 20.
As per Arkham Intel data, Abraxas Capital currently holds over $959 million in crypto and most of its holding is in ETH, which is staked or supplied as collateral on various DeFi protocols.
Its most of ETH holding is supplied to Aave as their wallet address consisting 145.21K AWEH—a ETH derivative representing holder’s stake in Aave’s ETH market.
Onchain data shows that AWETH marks the top holding crypto asset, followed by WSTETH, AWSTETH, WEETH, and various other ETH liquid derivatives alongside a number of altcoins.
Ethereum Frenzy Leads Optimism in Crypto Markets
Since May 6, ETH price has surged by 41%, the exact timing when Abraxas Capital started acquiring. It surged from $1,770 to as high as $2,690 in this latest rally, currently trading near $2,511—as per CoinMarketCap data.
In past months, while most of the crypto assets were spiking tremendously, Ethereum (ETH) was the most insignificant cryptocurrency and lagged behind in the rally. Now it has gained notably throughout April-end to May, having surged nearly 60% in the past 30 days.
Also read: Bitcoin, Ethereum, & XRP Prices Rise as GENIUS Act Passes
