On March 22nd, hedge fund manager Three Arrows Capital purchased almost 7500 Ethereum for $22.43 million. In the previous 8 hours, Three Arrows Capital’s Ethereum address reveals an outflow of Ether from crypto exchanges FTX and Deribit.
Three Arrows Capital bought Ether at the correct time, when it was trading near $2800, just before the price rose roughly 5%. Today, the crypto market, including Ethereum, has seen a surge, with the current ETH price trading above $3000.
Three Arrows Capital has made an investment in Ethereum
In a tweet, crypto writer Colin Wu stated that the hedge fund had withdrew a total of 7500 ETH. 5500 ETH was transferred from FTX, and 2000 ETH was transferred from Deribit.
The Three Arrows Capital address (0x4862733B5FdDFd35f35ea8CCf08F5045e57388B3) has inflowed 7,500 ETH in the past seven hours, with a total value of about $22.43m; of which 5,500 ETH was withdrawn from FTX and 2,000 ETH was withdrawn from Deribit. https://t.co/27A1u6o4su
— Wu Blockchain (@WuBlockchain) March 22, 2022
Three transactions have been linked to Three Arrows Capital’s wallet address according to Etherscan statistics. Two outflow transactions from FTX, valued at 3500 and 2000 ETH, and one outflow transaction from Deribit, valued at 2000 ETH.
Furthermore, the hedge fund manager’s wallet address displays huge ETH staking this week. Four days ago, two transactions reveal an influx of 40,500 and 9000 Ether. However, there was a 36,400 Ether outflow from the wallet as well.
Following the recent purchase, Zhu Su, co-founder of Three Arrows Capital, tweeted:
“The answer to the question “why pump” is always “predetermined,” nothing more and nothing less.”
Ethereum has gained 5% in the last 24 hours
Three Arrows Capital and FTX recently launched a fundraising round for the Mina proof-of-stake protocol, with the goal of boosting the number of Ethereum engineers. Traders are spending more in proof-of-stake efficient Ethereum as Ethereum pushes for ETH 2.0.
In the previous 24 hours, Ethereum (ETH) has experienced a 38 percent rise in trading volume and a nearly 5% gain in price, according to CoinMarketCap. Furthermore, as investors decide to hodl their Ethereum, the ETH price has climbed nearly 19 percent in the last week, from $2500 to the crucial mark of $3000.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.