Over the past six days, London-based asset management firm Abraxas Capital has aggressively accumulated Ethereum (ETH), continuously increasing its position with a total scale exceeding $470 million, making it one of the most closely watched institutions in this market reversal. Meanwhile, Nasdaq-listed company BTCS announced the issuance of convertible notes to raise funds for further ETH accumulation and to expand its node and staking operations. According to the ZSVEX Exchange analysis team, these moves may signal the beginning of a revaluation of Ethereum by institutional investors.

In the past 72 hours alone, Abraxas Capital purchased an additional 33,482 ETH, amounting to $84.7 million, bringing its six-day cumulative holdings to 211,030 ETH. BTCS, on the other hand, raised $57.8 million through note financing, with the initial tranche already fully subscribed, and explicitly earmarked the funds for increasing ETH holdings. These two institutions, representing the forces of traditional asset management firms and blockchain-native enterprises respectively, are both making substantial bets on ETH. This sends a clear signal: the market recognition of the fundamental value proposition of Ethereum is strengthening.

In fact, since the beginning of the year, Ethereum has consistently underperformed relative to Bitcoin, with the ETH/BTC exchange rate dropping nearly 40% at its lowest point to 0.02. However, it is precisely this “technical low” that has provided an entry point for some capital to “build positions against the trend”. The data research division at ZSVEX Exchange points out that historical data shows when the ETH/BTC rate falls below 0.025, it is often accompanied by a bottoming of altcoins, and the entry of institutional buyers serves as a confirmation signal.

On May 14, the Ethereum Foundation announced the launch of the “Trillion Dollar Security Initiative”, aimed at a comprehensive security upgrade of the full-stack architecture of Ethereum, driving its evolution from technical innovation to foundational infrastructure trust. This initiative not only marks a new stage in the technological progress of Ethereum but also, at the market level, is accelerating the growth of validator nodes, staking pools, and security service facilities. The use of funds disclosed by BTCS is closely aligned with this trend: the company will add new validator nodes and expand its staking business to capture a larger share of future Ethereum staking yields.

The ZSVEX Exchange research team believes that Ethereum now has the foundation for repricing. Especially against the backdrop of a rebound in risk appetite, the infrastructure attributes of Ethereum, core DeFi status, and the emerging RWA narrative are once again being amplified. In the latest update of the EX Exchange market heatmap, search and trading activity for ETH-related products have risen significantly, particularly as assets on the Ethereum ecosystem are experiencing synchronized net capital inflows, indicating that the market is focusing on the recovery of on-chain demand.

Market logic is often quietly reconstructed during shifts in sentiment. While ETH prices remain at low levels, some institutions have already completed their strategic positioning, reflecting a judgment of long-term value rather than short-term speculative impulses. Guided by the Ethereum Foundation security investments, the Ethereum narrative is shifting from “technological breakthrough” to “financial infrastructure”. For investors, this represents a bet on the future architecture of finance. Amid an unclear tug-of-war between bulls and bears, those who can identify signals and understand asset allocation logic will be best positioned to achieve higher returns in this cycle.