Amid Price Dips, Crypto Hedge Fund Three Arrows Capital Buys $56 Million Worth of Ethereum (ETH)

Amid market dips, as shown on Etherscan, crypto hedge fund, Three Arrows Capital (3AC), has just purchased relatively $56 million worth of Ethereum (ETH).

In late November, Three Arrows Capital CEO Zhu Su, was in the news for revealing, in a series of tweets, that he has abandoned Ethereum (ETH) despite being a stern supporter in the past.

Zhu Su tweeted, “Yes I have abandoned Ethereum despite supporting it in the past. Yes Ethereum has abandoned its users despite supporting them in the past. The idea of sitting around jerking off watching the burn and concocting purity tests, while zero newcomers can afford the chain, is gross.”

After a few hours on the same day, Zhu Su tweeted to soften his earlier stance regarding the largest smart contracts platform, Ethereum (ETH).

“Want to soften this and say abandon is the wrong word. Was heat of the moment. I’m sorry. There are great teams working on scaling Eth on L2. Would’ve preferred to see eth1x roadmap. Also would’ve preferred focusing on users rather than holders welfare in upgrades.”

Colin Wu, a blockchain journalist, who reported the huge purchase, stated that the Crypto Hedge Fund continued its accumulation bid after the initial transfer of 91,477 ETH surfaced online on 7th December.

Colin Wu tweeted, “Since the transfer of 91,477 ETH from the exchange on December 7, Three Arrow Capital has frequently interacted with the exchange, and a total of 22,416 ETH has been transferred from the exchange in the past week.”

Earlier in December, the crypto hedge fund moved nearly 168,954 ETH in tranches of 91,477 ETH and 77,477 ETH from FTX, Binance, and Coinbase to the wallet marked by Nansen as Three Arrows Capital.

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Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.