Abraxas Capital是一家耗資30億美元的投資管理公司，已將8.37億美元分配給以太坊（ETH）

Abraxas Capital是一家耗資30億美元的投資管理公司，已將8.37億美元分配給以太坊（ETH），將其總投資組合價值提高到9.5億美元以上。

Abraxas Capital, a $3 billion investment management firm, has allocated $837 million toward Ethereum (ETH), boosting its total portfolio value to over $950 million.

Abraxas Capital是一家耗資30億美元的投資管理公司，已將8.37億美元分配給以太坊（ETH），將其總投資組合價值提高到9.5億美元以上。

This bold move reflects growing institutional confidence in ETH and has sparked speculation among analysts about the potential onset of an altcoin season.

這一大膽的舉動反映了對ETH的機構信心的日益增強，並引發了分析師對山寨幣季節潛在發作的猜測。

Notably, the firm’s decision to increase its holdings comes amid rising interest in Ethereum. Traders have been increasingly buying ETH, leading to a significant drop in exchange reserves to their lowest levels in nine months.

值得注意的是，由於對以太坊的興趣不斷增長，該公司增加其持股量的決定源。貿易商越來越多地購買ETH，導致交易所儲量的大幅下降至九個月的最低水平。

Why Are Investors Buying Ethereum?

投資者為什麼要購買以太坊？

Ethereum, which faced challenges in 2025 due to lackluster price performance and rising selling pressure, experienced a turnaround following the Pectra upgrade. The implementation boosted the price increase, prompting a surge of investor interest in the asset.

由於價格表現不足和銷售壓力的上升，以太坊在2025年面臨挑戰，在Pectra升級之後經歷了轉變。實施提高了價格上漲，促使投資者對資產的利益激增。

A recent BeInCrypto report highlighted that over 1 million ETH were withdrawn from exchanges in the past month. In addition, data from CryptoQuant also showed that exchange reserves have dropped to levels not seen since late August 2024. This signaled a potential bullish outlook.

最近的Beincrypto報告強調，過去一個月，超過100萬ETH被撤回了交流。此外，來自加密量的數據還表明，自2024年8月下旬以來，交換儲量已下降到未見的水平。這表明潛在的看漲前景。

Among the buyers, Abraxas Capital stands out for its aggressive accumulation strategy. According to data from Lookonchain, the firm purchased 46,295 ETH worth $115.3 million today.

在買家中，Abraxas Capital在其積極的積累策略中脫穎而出。根據Lookonchain的數據，該公司購買了46,295 ETH，價值1.153億美元。

This acquisition comes following a brief three-day pause. Importantly, the investment manager has continuously increased its ETH holdings since the beginning of the month.

此次收購是在短暫的三天停頓之後進行的。重要的是，自本月初以來，投資經理一直在不斷增加其ETH持有量。

From May 7 to date, the firm has amassed 350,703 ETH worth $837 million, with an average purchase price of $2,386. This has already yielded an unrealized profit of $50 million.

從5月7日到迄今為止，該公司積累了350,703 ETH，價值8.37億美元，平均購買價格為2,386美元。這已經產生了5000萬美元的未實現利潤。

The firm’s ETH strategy is further supported by its pivot away from Bitcoin. BeInCrypto reported that Abraxas reduced its Bitcoin holdings substantially, redirecting capital toward Ethereum.

該公司的ETH戰略得到了遠離比特幣的樞紐的支持。 Beincrypto報導說，Abraxas大大減少了其比特幣持有量，將資本重定向到以太坊。

Abraxas Capital’s focus on Ethereum aligns with the objectives of its Alpha Ethereum Fund, launched in July 2023. The fund, which employs conditional leverage through options and yield-generation strategies, is focused on outperforming ETH’s native price performance. In fact, in 2024, Alpha Ethereum Fund gained 62.7%, outpacing Ethereum’s 50.9% increase.

Abraxas Capital對以太坊的關注與2023年7月成立的Alpha Ethereum基金的目標保持一致。該基金通過期權和產量生成策略採用有條件的槓桿作用，重點是勝過ETH的本地價格績效。實際上，在2024年，Alpha以太坊基金上漲了62.7％，超過以太坊的50.9％。

Does ETH Accumulation Signal an Incoming Altcoin Season?

ETH積累是否向傳入的Altcoin季節表示？

Meanwhile, Abraxas Capital’s focus on Ethereum has not gone unnoticed in the crypto community. Some even believe that these moves could potentially lead to an altseason.

同時，阿布拉薩斯資本（Abraxas Capital）對以太坊的關注並未在加密貨幣社區中引起人們的注意。有些人甚至認為這些舉動可能會導致季后賽。

Atlas, an analyst, suggested Abraxas’ ETH activity is not the typical high-risk, speculative play. It’s a sign of institutional interest. He believes Ethereum is on the verge of becoming the “institutional darling” of this cycle.

分析師Atlas建議ABRAXAS的ETH活動不是典型的高風險，投機性遊戲。這是機構利益的標誌。他認為以太坊正處於成為本週期的“機構寵兒”的邊緣。

The analyst added that the firm is following a familiar playbook, similar to what Alameda Research did in 2021, by buying Ethereum early, fueling positive market narratives, and then rotating into altcoins to spark an altseason.

這位分析師補充說，該公司正在遵循一本熟悉的劇本，類似於阿拉米達（Alameda）研究在2021年通過早期購買以太坊，推動積極的市場敘事，然後旋轉到山寨幣以引發Altseasten季節。

“ETH rotation is the signal – altseason is the real move. The same machine that ignited 2021 is back with deeper pockets,” he said.

他說：“ ETH旋轉是信號 - 季節是真正的舉動。點燃2021的同一機器帶有更深的口袋。”

The return for an altcoin season is something many in the industry are anticipating. Tracy Jin, COO of MEXC, told BeInCrypto that early signs are already emerging: Bitcoin dominance has taken a noticeable dip, the altcoin market cap has jumped, USDT dominance is declining, and altcoin charts are showing improving price structures.

Altcoin季節的回報是該行業中許多人預期的。 MEXC的首席運營官Tracy Jin告訴Beincrypto，早期的跡像已經出現：比特幣的優勢已經引起了顯著的傾向，AltCoin市值躍升了，USDT的優勢正在下降，而AltCoin圖表正在顯示出改善的價格結構。

“Ethereum’s performance is another signal pointing to the potential start of altseason. While large short positions among ETH traders and persistent bearish sentiment previously indicated a continuation of the downtrend, a surge in risk appetite has renewed interest in ETH and smaller altcoins,” Jin disclosed to BeInCrypto.

“以太坊的表現表明了Altseason的潛在開始。雖然ETH商人的較大短姿勢和持續的看跌情緒先前表明下降趨勢的持續趨勢，但風險食慾的激增對ETH和較小的Altcoins產生了興趣，” Jin披露了BeinCrypto。

She added that while it is still technically “Bitcoin season,” the groundwork for an altcoin rotation is clearly taking place. If capital continues to flow in this direction, the first phase of altcoin season could begin sooner than expected.

她補充說，雖然從技術上講，這仍然是“比特幣季節”，但顯然正在進行Altcoin旋轉的基礎。如果資本繼續朝這個方向流動，那麼Altcoin季節的第一階段可能比預期的要早。