Three Arrows Capital, a crypto hedge fund, bought nearly half a billion ETH worth

According to Etherscan, a large amount of Ethereum has been transferred from FTX, Binance and Coinbase to the A Few Arrows Cash Wallet. That means the Singapore-based hedge fund bought almost $ 500 million worth of ETH just two weeks after CEO Su Zhu denounced the cryptocurrency.

Source: Etherscan

A couple of Arrows Cash bought 100,000 ETH

Etherscan detected a series of movements within two hours that spanned the amount of nearly 100,000 ETH. The explanation for the bulk buying of cryptocurrencies is the massive market slump that saw Ethereum take a hit last week.

Su Zhu, CEO of 3 Arrows Cash, also affirmed, saying that “100,000 ETH is dust for its value.” He also added that 3 Arrows will price ETH heavily in a panic sell-off like this weekend as the coin briefly falls to $ 3,600 and liquidates bulls with low leverage.

This purchase is notable because it followed intense Eth criticism from Zhu and others at 3AC late last month when some bear tunes started playing in concert. After the $ 1.6 billion company closed on November 11, Zhu criticized a dApp developer who accused others of leaving other chains just for the money.

At the time of writing, ETH is back to pre-fall levels, trading at $ 4,400, with a significant proportional increase from .085 BTC, a four-year high.

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