After buying nearly 100,000 ETH for $400 million last week, crypto hedge fund Three Arrows Capital has made yet another big purchase. This time, the investment fund provider has purchased 14,833 ETH as the market saw another downward trend during the weekend.
According to a tweet by Chinese crypto-journalist Colin Wu, Three Arrows Capital purchased the Ethers from crypto exchanges Binance and Coinbase on Monday. The crypto hedge fund is yet to confirm the news.
According to etherscan, Three Arrows Capital transferred a total of 14,833 ETH (approximately USD 56M) from Binance and Coinbase to its wallet (0x4862733b5fddfd35f35ea8ccf08f5045e57388b3) 2 hours ago. https://t.co/5JudXXZCI7 pic.twitter.com/tjRHbXRKN0
— Wu Blockchain (@WuBlockchain) December 14, 2021
“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,” Wu tweeted.
With fresh Ethers at hand, the total ETH purchases made by 3AG in December alone totals 183,787 ETH or nearly $706 million as per current prices. The recent acquisition visibly indicates 3AG taking advantage of the bear market, which saw Ethereum falling below $3,660.
Last week and this week’s purchases came as a surprise after Three Arrows Capital CEO Zhu Su tweeted that he has ‘abandoned’ the largest Altcoin.
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.
— Zhu Su 🔺 (@zhusu) November 21, 2021
“Ethereum culture suffers massively from the Founders Dilemma. Everyone is already far too rich to remember what they originally set out to do. Perhaps a bear market is needed to remind them, or perhaps we must build elsewhere, but this is what it is–nothing new under the sun,” Su had tweeted at the time.