ETH fell, along with the rest of the market, in the January crash. But as the crypto market more generally panicked, whales saw the drop as an opportunity to fill their bags. Three Arrows Capital was among those who benefited from the low prices.
Three Arrows Capital, a Singapore-based cryptocurrency hedge fund, has amassed 18,575 ETH worth approximately $56.67 million in the past three days, according to Etherscan data.
The address marked as Three Arrows Capital (0x4862733B5FdDFd35f35ea8CCf08F5045e57388B3) has accumulated 18,575 ETH in the past three days, worth about $56.67 million. pic.twitter.com/hDda9v76Og
— Wu Blockchain (@WuBlockchain) February 8, 2022
During the same period, Ethereum prices again rose above this price level after falling below $3,000 during the market crash on January 21. The firm bought 14,575 ETH on February 4 before buying 2,000 ETH on February 5 and 7.
Large trades often change market sentiment. Therefore, the buying spree of Three Arrows Capital is likely to be a factor behind Ethereum’s recent move above $3,000. However, the comments on the post of Chinese crypto journalist Wu Blockchain on the subject were interesting. While a few Twitter users noted how the firm was waiting to buy bottom prices, others wondered when the firm would sell the token for a profit.
Interestingly, Su Zhu, founder of Three Arrows Capital, criticized Ethereum late November 21. He explained that at that time, Su Zhu stopped supporting Ethereum even though he had supported it in the past, noting the obvious scalability issues that are causing troubles on the Ethereum network.
Later, the founder apologized, stating that large teams are working to scale Ethereum across Tier 2 networks. Also, Zhu’s firm bought 91,477 ETH a few weeks after the founder’s announcement. The amount of ETH purchased at that time was worth approximately 400 million dollars.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.