Abraxas Capital and Grayscale Buy Over $560M in Ethereum as ETH Rallies 44%

London-based asset manager Abraxas Capital has made substantial purchases of Ethereum (ETH) over the past week, accumulating between $477.6 million and $561 million worth of ETH. The firm acquired 211,030 ETH valued at $477.6 million over six days, with some data indicating total purchases of 242,652 ETH ($561 million) in the past week. Abraxas Capital’s acquisition spree included a single purchase of 33,482 ETH ($84.7 million) and large withdrawals from exchanges such as Binance and Kraken. The activity was partly financed by borrowing $240 million USDT from Aave, which was then deposited into Binance to facilitate further ETH purchases. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io

Source: The Defiant