The cryptocurrency market was shaken by the moves and tweet of Su Zhu, the former founder of Three Arrows Capital, over the weekend. Su Zhu urged investors to prepare for an Ethereum (ETH) focused market. BTC caused fluctuations in the cryptocurrency market with moves to sell coins such as Solana.
Sell call for Solana, BTC, TAO and MKR
In a tweet on May 26, Su Zhu said, “This weekend is an important milestone. He explained his moves by saying, “Reduce TAO and MKR assets, buy LDO (2.48 USD), BLUR (0.467 USD). Continuing the tweet, Su Zhu directed investors to convert from Solana (SOL) and Bitcoin (BTC) to ETH. He included the following statements in his statement:
Sell SOL at $165 and buy ETH at $3,800 (exchange rate 0.0434), target below 0.03. Sell BTC at $69,200 and buy ETH at $3,800 (exchange rate 0.055), target 0.07+. I think we will see an Ethereum-led market over the next 90 days.
Su Zhu’s tweet sparked controversy in the cryptocurrency market. Some analysts think that the predictions of experienced investors may be accurate and ETH may rise in the coming period. Because Ethereum has recently gained upward momentum and is attracting the attention of investors. Ethereum’s network upgrades and the evolving DeFi ecosystem are among the factors attracting investors.
There are suspicions against Su Zhu
However, some analysts are also skeptical of Su Zhu’s predictions. These analysts emphasize that the cryptocurrency market is highly volatile and it is difficult for a single investor’s move to affect the entire market. In addition, it is stated that fluctuations in traditional markets may also affect the cryptocurrency market and Su Zhu’s predictions may not come true. In particular, the liquidation of Three Arrow Capital, founded by Su Zhu, calls into question the reliability of the fund founder.
cryptokoin.com As we reported, Three Arrows Capital (3AC) was a Singapore-based cryptocurrency hedge fund that was ordered liquidated by a court in the British Virgin Islands on June 27, 2022. Founded in 2012 by Kyle Davies and Su Zhu. The company has borrowed billions of dollars to finance its business and faces $3.5 billion in claims from creditors, according to bankruptcy filings in July 2022. The fund is seen losing more than $3 billion in 2021 and 2022, making its collapse one of the biggest hedge fund trading losses of all time.
Aside from the impact Su Zhu’s tweet had on the market, his action also raises important questions for investors. Should investors follow Su Zhu’s advice and reshape their holdings? Will Ethereum really dominate the next 90 days? How strong is the influence of such individual investors in the cryptocurrency market? Unfortunately, there are no definitive answers to these questions. The cryptocurrency market is less predictable and prone to surprises than traditional markets.
To be instantly informed about the latest developments, contact us twitter‘in, Facebookin And InstagramFollow on and Telegram And YouTube Join our channel!