London-based asset management firm Abraxas Capital has purchased nearly $500 million worth of Ethereum within six days

PANews May 14th news, 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 a.m., Lookonchain posted on the X platform: "In the past 12 hours, Abraxas Capital purchased another 33,482 ETH (worth $84.7 million), bringing its total purchase volume in the past six days to 211,030 ETH (worth $477.6 million)." Yesterday's news, 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 fell nearly 40% to 0.02 this year, and the current price attracted buyers to intervene. Nick Ruck, research director of LVRG, believes that Pectra upgrades and macro positives jointly drive market sentiment to positive. “As altcoins move away from the downward trend, investors are reevaluating the value of cryptocurrencies as hedge tools,” he said.