Abraxas Capital是一家耗资30亿美元的投资管理公司，已将8.37亿美元分配给以太坊（ETH）

Abraxas Capital是一家耗资30亿美元的投资管理公司，已将8.37亿美元分配给以太坊（ETH），将其总投资组合价值提高到9.5亿美元以上。

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是一家耗资30亿美元的投资管理公司，已将8.37亿美元分配给以太坊（ETH），将其总投资组合价值提高到9.5亿美元以上。

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

这一大胆的举动反映了对ETH的机构信心的日益增强，并引发了分析师对山寨币季节潜在发作的猜测。

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，由于对以太坊的兴趣不断增长，该公司增加其持股量的决定源。贸易商越来越多地购买ETH，导致交易所储量的大幅下降至九个月的最低水平。

Why Are Investors Buying Ethereum?

投资者为什么要购买以太坊？

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.

由于价格表现不足和销售压力的上升，以太坊在2025年面临挑战，在Pectra升级之后经历了转变。实施提高了价格上涨，促使投资者对资产的利益激增。

A recent BeInCrypto report highlighted that over 1 million ETH were withdrawn from exchanges in the past month.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报告强调，过去一个月，超过100万ETH被撤回了交流。此外，来自加密量的数据还表明，自2024年8月下旬以来，交换储量已下降到未见的水平。这表明潜在的看涨前景。

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.

在买家中，Abraxas Capital在其积极的积累策略中脱颖而出。根据Lookonchain的数据，该公司购买了46,295 ETH，价值1.153亿美元。

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.

此次收购是在短暂的三天停顿之后进行的。重要的是，自本月初以来，投资经理一直在不断增加其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.

从5月7日到迄今为止，该公司积累了350,703 ETH，价值8.37亿美元，平均购买价格为2,386美元。这已经产生了5000万美元的未实现利润。

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.

该公司的ETH战略得到了远离比特币的枢纽的支持。 Beincrypto报道说，Abraxas大大减少了其比特币持有量，将资本重定向到以太坊。

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对以太坊的关注与2023年7月成立的Alpha Ethereum基金的目标保持一致。该基金通过期权和产量生成策略采用有条件的杠杆作用，重点是胜过ETH的本地价格绩效。实际上，在2024年，Alpha以太坊基金上涨了62.7％，超过以太坊的50.9％。

Does ETH Accumulation Signal an Incoming Altcoin Season?

ETH积累是否向传入的Altcoin季节表示？

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.

同时，阿布拉萨斯资本（Abraxas Capital）对以太坊的关注并未在加密货币社区中引起人们的注意。有些人甚至认为这些举动可能会导致季后赛。

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.

分析师Atlas建议ABRAXAS的ETH活动不是典型的高风险，投机性游戏。这是机构利益的标志。他认为以太坊正处于成为本周期的“机构宠儿”的边缘。

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.

这位分析师补充说，该公司正在遵循一本熟悉的剧本，类似于阿拉米达（Alameda）研究在2021年通过早期购买以太坊，推动积极的市场叙事，然后旋转到山寨币以引发Altseasten季节。

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

他说：“ ETH旋转是信号 - 季节是真正的举动。点燃2021的同一机器带有更深的口袋。”

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季节的回报是该行业中许多人预期的。 MEXC的首席运营官Tracy Jin告诉Beincrypto，早期的迹象已经出现：比特币的优势已经引起了显着的倾向，AltCoin市值跃升了，USDT的优势正在下降，而AltCoin图表正在显示出改善的价格结构。

“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.

“以太坊的表现表明了Altseason的潜在开始。虽然ETH商人的较大短姿势和持续的看跌情绪先前表明下降趋势的持续趋势，但风险食欲的激增对ETH和较小的Altcoins产生了兴趣，” 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.

她补充说，虽然从技术上讲，这仍然是“比特币季节”，但显然正在进行Altcoin旋转的基础。如果资本继续朝这个方向流动，那么Altcoin季节的第一阶段可能比预期的要早。