Abraxas Capital利用以太坊LST生態系統推動大量市場反彈

最近，比特幣和以太坊在加密貨幣市場上取得了重大反彈，市值活動和頻繁的鯨魚資本運動大幅增加。

Recently, Bitcoin and Ethereum have driven a significant rebound in the crypto market, with a significant increase in market capital activity and frequent whale capital movements. Among them, London-based asset management company Abraxas Capital has become a focus of attention in this round of rebound due to its high-frequency on-chain operations and heavy Ethereum DeFi strategy. More than 270,000 ETH were raised in a single week, and the Ethereum LST ecosystem was heavily invested

最近，比特幣和以太坊在加密貨幣市場上取得了重大反彈，市值活動和頻繁的鯨魚資本運動大幅增加。其中，由於倫敦的高頻鏈運營和繁重的以太坊策略，總部位於倫敦的資產管理公司Abraxas Capital已成為這一輪籃板的重點。一個星期內籌集了超過270,000個ETH，並且以太坊LST生態系統投入了大量投資

In recent times, Abraxas Capital has been active on the chain. According to Arkham data, as of May 20, the total value of crypto assets held by Abraxas Capital's two related public addresses has exceeded US$1.15 billion, with a cumulative profit of approximately US$280 million.

最近，Abraxas Capital一直活躍在鏈上。根據Arkham Data的數據，截至5月20日，Abraxas Capital持有的兩個相關公共地址持有的加密資產的總價值超過了11.5億美元，累計利潤約為2.8億美元。

From the perspective of asset structure, in addition to Bitcoin worth more than $190 million, Abraxas Capital's investment portfolio is highly concentrated in the Ethereum Liquid Staking Token (LST) track, which is used for staking or as collateral in various DeFi protocols. Its main holdings include AwETH, wstETH, awstETH and weETH, among which AwETH and wstETH have a total holding amount of more than $700 million, accounting for the absolute majority of its overall assets. This type of asset has both on-chain staking income and secondary market liquidity, which also reflects that Abraxas Capital pursues a balance strategy between stable income and flexible position adjustment.

從資產結構的角度來看，除了價值超過1.9億美元的比特幣外，Abraxas Capital的投資組合高度集中在以太坊液體含量令牌（LST）軌道上，該曲目用於均值或在各種偏見方案中作為抵押品。它的主要股份包括AWETH，WSTETH，AWSTETH和WEETH，其中Aweth和Wsteth的總持有額超過7億美元，這是其總體資產的絕對多數。這種類型的資產既有鏈的積累收入和二級市場流動性，這也反映了Abraxas Capital在穩定收入和靈活位置調整之間採取平衡策略。

From the perspective of the pace of fund growth, the asset size of the institution has significantly accelerated since mid-February 2025, and recently exceeded the $1 billion mark. In the past week alone (May 13-20), its net assets increased by more than $130 million, mainly due to a substantial increase in AwSTETH (Aave v3 wstETH) positions, with an increase of more than $120 million.

從基金增長速度的角度來看，自2025年2月中旬以來，該機構的資產規模已大大加速，最近超過了10億美元。僅在過去一周（5月13日至20日）中，其淨資產增加了1.3億美元以上，這主要是由於AWSTETH（AAVE V3 WSTETH）頭寸的大幅增長，增加了超過1.2億美元。

In terms of capital flow, in the past 7 days, Abraxas Capital has withdrawn nearly 270,000 ETH from CEX (centralized exchange), completing about 6 purchase transactions per day on average, with a cumulative value of more than 690 million US dollars. Based on its average purchase price of US$2,573.8, compared with the current ETH market price of about US$2,500, this part of the position is currently in a temporary floating loss of about US$11 million.

就資本流量而言，在過去的7天中，Abraxas Capital從CEX（集中式交易所）撤回了近270,000 ETH，平均每天完成約6次購買交易，累計價值超過6.9億美元。基於其平均購買價格為2,573.8美元，而當前的ETH市場價格約為2,500美元，該職位的這一部分目前處於暫時的浮動損失約1100萬美元。

It is worth noting that Abraxas Capital has significantly reduced its holdings of Bitcoin within a month. On-chain data shows that in the past few weeks, the institution has transferred a total of 2,000 BTC to exchanges, worth more than $190 million. However, it has recently begun to increase its holdings again, withdrawing about $85 million worth of Bitcoin from exchanges.

值得注意的是，Abraxas Capital在一個月內大大減少了比特幣的持股。鏈上的數據表明，在過去的幾周中，該機構將總計2,000 BTC轉移到了交易所，價值超過1.9億美元。但是，它最近開始再次增加其持股，從交易所撤出了價值約8500萬美元的比特幣。

According to Arkham data, Abraxas Capital's ETH funds mainly flow to Ethereum DeFi protocols. In the past 7 days, Abraxas Capital has also transferred more than 174,000 ETH to mainstream DeFi protocols such as Aave, Ether.fi, and Compound, with a total value of approximately US$440 million at current prices. In particular, Aave is the main use of Abraxas Capital's ETH holdings, and it currently holds an asset position of more than US$480 million on AAVE V3.

根據Arkham數據，Abraxas Capital的ETH資金主要流向以太坊Defi協議。在過去的7天中，Abraxas Capital還將174,000多個ETH轉移到主流Defi方案（例如Aave，Ether.fi和化合物）等主流defi方案中，總價值約為4.4億美元。特別是，AAVE是Abraxas Capital的Eth Holdings的主要用途，目前，AAVE的資產地位超過4.8億美元，AAVE V3。

From this point of view, Abraxas Capital is becoming one of the more active and heavily invested institutional players in the Ethereum ecosystem, and is strengthening the liquidity and revenue reuse rate of assets by deeply participating in the DeFi market.

從這個角度來看，Abraxas Capital正在成為以太坊生態系統中最活躍和投資的機構參與者之一，並通過深入參與Defi市場來增強資產的流動性和收入重用率。

The asset size exceeds 3 billion US dollars and was once a major customer of Tether

資產規模超過30億美元，曾經是Tether的主要客戶

Abraxas Capital Management is an asset management company headquartered in London and regulated by the UK Financial Conduct Authority (FCA). It aims to become a top asset management institution. The company was co-founded in 2002 by Fabio Frontini and Luca Celati, who were both senior executives at Dresdner Kleinwort Wasserstein (DRKW) in London.

Abraxas Capital Management是一家總部位於倫敦的資產管理公司，由英國金融行為管理局（FCA）監管。它旨在成為最高資產管理機構。該公司於2002年由Fabio Frontini和Luca Celati共同創立，他們都是倫敦Dresdner Kleinwort Wasserstein（DRKW）的高級管理人員。

Abraxas Capital initially focused on the traditional financial sector, and on-chain data shows that the company had begun to deploy Bitcoin assets as early as the end of 2014. In 2017, Abraxas Capital announced that it would shift its business focus to digital assets.

Abraxas Capital最初關注傳統金融部門，鏈上的數據顯示，該公司早在2014年底就已經開始部署比特幣資產了。 2017年，Abraxas Capital宣布將其業務重點轉移到數字資產上。

Heka Funds is Abraxas Capital's core investment platform focused on digital assets. It is headquartered in Malta and regulated by the Malta Financial Services Authority (MFSA), with assets exceeding US$3 billion.

HEKA基金是Abraxas Capital的核心投資平台，專注於數字資產。它的總部位於馬耳他，由馬耳他金融服務局（MFSA）監管，資產超過30億美元。

As a multi-fund investment company, Heka currently manages three major funds: Elysium Global Arbitrage Fund was launched in 2017 and is the first digital asset fund officially licensed and officially operated in the European Union. It has achieved a return rate of 214.95% since

作為一家多基金投資公司，HEKA目前管理三個主要基金：Elysium全球套利基金於2017年啟動，是第一個由歐盟正式許可並正式運營的數字資產基金。由於