London-based asset manager buys nearly $500 million worth of Ethereum in six days

As of Tuesday, a London-based asset manager had purchased nearly $500 million worth of Ethereum in less than a week, according to onchain data .

"Abraxas Capital bought another 33,482 ETH ($84.7 million) in the past 12 hours, bringing their total purchases over the last 6 days to 211,030 ETH ($477.6 million)," Lookonchain posted to X , citing Arkham Intelligence data.

ETH was changing hands at $2,614.33 as of 2:26 p.m., up about 6% on the day, according to The Block Price Page .

Lookonchain also noted that Abraxas Capital borrowed 240 million in USDT from Aave before depositing it on Binance. 

Ethereum's performance has been lackluster when compared to the gains made by Bitcoin in recent months. Then last week, ETH  rose 20% and surpassed $2,200 following the major Pectra upgrade.

"ETH is finally catching up after lagging behind $BTC for most of the year," Min Jung, research analyst of Presto Research said at the time . "The recent Pectra upgrade has helped restore some confidence, and with ETH/BTC down nearly 40% year-to-date at 0.02, it's not surprising to see buyers stepping in at these levels."

LVRG Research Director Nick Ruck told The Block that the Pectra upgrade had sparked bullish price action.

"In addition to positive macroeconomic news, traders believe the crypto industry may have finally found its second wind as a hedge against market uncertainty," Ruck said last week. "Investors are changing their perspectives on crypto now that altcoins have departed from a negative trend and found buying pressure from a renewed risk-on sentiment."