Friday, December 2, 2022

Three Arrows Capital Snaps Up Over $22M In Ether As Price Soars Past $3000

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Three Arrows Capital, a Singapore-based hedge fund founded in 2012 by Su Zhu and Kyle Davies has just gobbled up 7,501.83 ETH worth  $22.5 million.

According to a Tuesday report by 8BTCnews, the firm received the coins in four transactions, with the largest amount of 5,500 ETH coming from the FTX exchange while the rest came from unnamed addresses.

Following the purchase, ZyCrypto has since verified from Etherscan that the firm currently holds 22,185 Ether ($66.6M) in that specific wallet, with a majority of the firm’s coins, which run north of 100,000 ETH being moved to other liquidity pools for safekeeping or buying up of other coins.

Three Arrows Capital, a dominant face in the Ethereum ecosystem and one of the largest Ether whales has been stacking up the cryptocurrency. This has been despite Zhu threatening to dump Ethereum last November stating that “Ethereum has abandoned its users despite supporting them in the past”.

The firm, which had gone ahead to send a sizeable chunk of its coins to exchanges after Zhu’s statements would later stand down on its plan to dump its bags after it emerged that 91,477 ETH (about 400 million USD) in two days, including 77,477 ETH within two hours, had been transferred back to the firm’s wallet from Binance FTX and Coinbase.

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It also appeared that the decision to keep the coins was arrived at after the firm made a sizeable profit hours after sending the coins to the exchanges.

In response to the withdrawal, Zhu commented in a tweet stating although “Eth L1 is still unusable for newcomers” he would “still bid it hard on any panic dump” and that there’s “more coming.” He further stated in a follow-up tweet that he respected the L2 development community’s efforts in scaling the network.

That said, Three Arrows Capital, which has been quite active in the market seems to be adding to its Ether stash, with minimal selling unlike what was witnessed in the past three months.

As of writing, ETH is trading at $3,016, up 3.71% today as traders eye $3,500 as its biggest resistance yet. On the other hand, Bitcoin has gained by 3.57% on the day and is trading at $42,843 as the price runs up to the $45,000 psychological level.

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