Abraxas Capital Stakes $7,500,000 ETH as Reputed Investor Expects Ethereum Staking Approval Soon

• Abraxas Capital stakes $7,500,000 ETH.
• Reputed crypto investor expects Ethereum staking approval soon. 
• ETH price expected to pump soon to reclaim previous ATH prices.

Ethereum gains momentum as the price of ETH continues to hold in the $2,600 price level, showing strength and resilience. As ETH price is expected to hit a new high, ETH whales and financial institutions are accumulating at remarkably high rates. Amid this bullish frenzy, Abraxas Capital stakes $7,500,000 ETH, one of many moves of the company stacking more Ethereum (ETH). 

Abraxas Capital Stakes $7,500,000 ETH 

Bitcoin and Ethereum have been the most bullish assets alongside BTC, possibly even more so for their staking mechanism, giving ETH community members a chance to actively participate with the blockchain and earn passive income. Now that financial institutions have also begun to accumulate this highly potent altcoin, some have ensured to stake their ETH to earn passive income as well. 

As we can see from the post above, Abraxas Capital staked $7,500,000 worth of ETH, the latest of a string of moves in stacking Ethereum. In detail, Abraxas Capital Management, established in 2027, specializes in digital assets to has rapidly become a global leader. Now, the company has also entered managing crypto assets, and has especially been known for stacking Ethereum (ETH), the pioneer crypto asset. 

According to CoinMarketCap analytics, the price of Ethereum sits at $2,624, showing that the altcoin has pumped by over 3.17% in the last 24 hours. The asset also boasts a total market cap of $316,863,264,149.9 and a 24-hour trading volume of $19,551,255,880.73. This places the altcoin around 46.34% away from the altcoin’s previous ATH price set at $4,891.70 four years ago. 

Responses to the post show community interest in why the entity has staked such a huge amount of ETH. So far, several crypto analysts have been eagerly waiting for the price of Ethereum (ETH) to reclaim its previous ATH in the $4,000 price range before surging up to hit higher ATH prices. These new ATH prices are expected to arrive soon and pave the way for this bull cycle’s altseason to finally arrive. 

ETH Staking Approval Could Pass Soon 

As we can see from the post above, another post by the same user says that he has a strong feeling that Ethereum ETF staking approval is just around the corner. He also says that the recent inflows into the ETH ETF show that smart money is already positioning , meaning that a remarkable ETH price rally is on the horizon and the gains reaped could be life-changing.