Three Arrow Capital crypto hedge fund has purchased significant amounts of ETH from various major centralized exchanges after the company CEO criticized and abandoned the Ethereum network. Founder and CEO Su Zhu says that the altcoin project’s transaction fees are at the point where it can no longer be covered. Here are the details…
Large array of Ethereum transactions
Over the two-day period, large transactions are consistently seen at the fund address. Hours before the time of writing, the fund’s wallet received 27,000 Ethereum worth approximately $108 million.
A day ago, the fund received 14,000 ETH worth about $56 million and the same amount in multiple small transactions worth 2,000 ETH to 12,000 ETH three days ago. The fund’s pullback activity could be a sign of accumulation during the most recent market decline, according to analysts. As Ethereum lost 27% of its value at the bottom of the local trend, funds and large investors were able to buy ETH at a significant discount during the market sell-off.
Fund CEO’s complex relationship with altcoin
cryptocoin.com As we quoted earlier, the CEO of Three Arrows Capital stated that he has decided to “abandon” the leading altcoin project despite all the support he has provided in the past. The main problem with the network was that the newcomers could not afford the gas costs due to the high fees. Later, Su Zhu “softened” her previous tweet, saying she used the wrong word in the heat of the moment. The CEO of the fund also stated that he respects efforts to create L2 solutions that help Ethereum scale, but would also prefer further development of the first layer that will make the mainnet cost-effective for new users.
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