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.

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