Ethereum price holds firm above $2,500 despite broader market hesitation, with UK firm’s strategic ETH investment post-upgrade signaling rising institutional confidence. UK Trading Firm Nets $77M Profit on $655M Ethereum Investment Following Pectra Upgrade Ethereum (ETH) maintained composure on Friday, dipping only 1.4% to trade near $2,587, outpacing rival layer-1 assets like Solana and XRP, in largely flat crypto market. Reinforcing ETH price resilience, a UK-based trading firm has earned significant profits from a sizable ETH purchase made shortly after the network’s Pectra upgrade. UK Firm, Abraxas Capital Spotted Moving ETH worth $655M | Source: X.com/Lookonchain On May 16, a cryptocurrency wallet suspected to be tied to the UK-based investment firm Abraxas Capital Management has quietly gathered a massive 278,639 ETH, valued at around $655 million. The London asset manager appears to have purchased the Ether at an average cost of $2,350, shortly before Ethereum’s Pectra upgrade went live, according to… Read More at Coingape.com

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Filed under: News - @ May 16, 2025 7:18 pm