Abraxas Capital利用以太坊LST生态系统推动大量市场反弹

最近，比特币和以太坊在加密货币市场上取得了重大反弹，市值活动和频繁的鲸鱼资本运动大幅增加。

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，比特币和以太坊在加密货币市场上取得了重大反弹，市值活动和频繁的鲸鱼资本运动大幅增加。其中，由于伦敦的高频链运营和繁重的以太坊策略，总部位于伦敦的资产管理公司Abraxas Capital已成为这一轮篮板的重点。一个星期内筹集了超过270,000个ETH，并且以太坊LST生态系统投入了大量投资

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一直活跃在链上。根据Arkham Data的数据，截至5月20日，Abraxas Capital持有的两个相关公共地址持有的加密资产的总价值超过了11.5亿美元，累计利润约为2.8亿美元。

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.

从资产结构的角度来看，除了价值超过1.9亿美元的比特币外，Abraxas Capital的投资组合高度集中在以太坊液体含量令牌（LST）轨道上，该曲目用于均值或在各种偏见方案中作为抵押品。它的主要股份包括AWETH，WSTETH，AWSTETH和WEETH，其中Aweth和Wsteth的总持有额超过7亿美元，这是其总体资产的绝对多数。这种类型的资产既有链的积累收入和二级市场流动性，这也反映了Abraxas Capital在稳定收入和灵活位置调整之间采取平衡策略。

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.

从基金增长速度的角度来看，自2025年2月中旬以来，该机构的资产规模已大大加速，最近超过了10亿美元。仅在过去一周（5月13日至20日）中，其净资产增加了1.3亿美元以上，这主要是由于AWSTETH（AAVE V3 WSTETH）头寸的大幅增长，增加了超过1.2亿美元。

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.

就资本流量而言，在过去的7天中，Abraxas Capital从CEX（集中式交易所）撤回了近270,000 ETH，平均每天完成约6次购买交易，累计价值超过6.9亿美元。基于其平均购买价格为2,573.8美元，而当前的ETH市场价格约为2,500美元，该职位的这一部分目前处于暂时的浮动损失约1100万美元。

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在一个月内大大减少了比特币的持股。链上的数据表明，在过去的几周中，该机构将总计2,000 BTC转移到了交易所，价值超过1.9亿美元。但是，它最近开始再次增加其持股，从交易所撤出了价值约8500万美元的比特币。

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.

根据Arkham数据，Abraxas Capital的ETH资金主要流向以太坊Defi协议。在过去的7天中，Abraxas Capital还将174,000多个ETH转移到主流Defi方案（例如Aave，Ether.fi和化合物）等主流defi方案中，总价值约为4.4亿美元。特别是，AAVE是Abraxas Capital的Eth Holdings的主要用途，目前，AAVE的资产地位超过4.8亿美元，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.

从这个角度来看，Abraxas Capital正在成为以太坊生态系统中最活跃和投资的机构参与者之一，并通过深入参与Defi市场来增强资产的流动性和收入重用率。

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

资产规模超过30亿美元，曾经是Tether的主要客户

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是一家总部位于伦敦的资产管理公司，由英国金融行为管理局（FCA）监管。它旨在成为最高资产管理机构。该公司于2002年由Fabio Frontini和Luca Celati共同创立，他们都是伦敦Dresdner Kleinwort Wasserstein（DRKW）的高级管理人员。

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最初关注传统金融部门，链上的数据显示，该公司早在2014年底就已经开始部署比特币资产了。2017年，Abraxas Capital宣布将其业务重点转移到数字资产上。

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的核心投资平台，专注于数字资产。它的总部位于马耳他，由马耳他金融服务局（MFSA）监管，资产超过30亿美元。

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

作为一家多基金投资公司，HEKA目前管理三个主要基金：Elysium全球套利基金于2017年启动，是第一个由欧盟正式许可并正式运营的数字资产基金。由于