Three Arrows buys 156,000 ETH in weeks after the CEO gave up ETH

Only a few weeks ago, CEO Zhu Su threw ETH on Twitter because of high fuel fees and accessibility problems. Now acquires his company.

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The crypto hedge fund Three Arrows Money (3AC) has bought over half a billion dollars worth of ether since CEO Zhu Su publicly rated the cryptocurrency on Twitter. Does the purchase mean that he has changed his mind or is he just taking advantage of the market crash to buy goods at a discount?

In an anti-ETH transaction from November 20-22, Zhu tweeted why he “gave up Ethereum even though he supported it in the past”. The topic came up in response to a tweet by Synthetix founder Kain Warwick appealing to those “who are sold out in pursuit of profit maximization”. In a storm of tweets, Zhu stated that Ethereum culture “suffers greatly in the founding dilemma” and that “everyone is too rich to remember their intentions”.

However, after drawing widespread attention to himself, he turned his head to say that he wanted to “tone down” his initial beliefs and that “I love Ethereum and what it stands for”.

In the roughly 17 days since that chain, around 156,400k of ethers (ETH), or $ 676.37 million, have been moved to a wallet that blockchain analytics firm Nansen has linked to 3AC.

Almost all of the funds that went into the wallet during this period were transferred from Binance, the FTX exchange, or Coinbase.

See I can’t let you see you burn without me

Eth L1 still useless for newbies, give it to your grandma if you don’t believe me

I will still be placing a high bid on panic buying like this weekend

100k eth is dust, more is to come

– Zhu Su (@zhusu) December 7, 2021

Zhu Confirmed Transactions early this morning in response to a tweet from Chinese blogger Wu Blockchain that said Ethereum Layer-One will remain “unusable for new entrants” but will still “set a high price for any panic dumping like this weekend”.

The wallet shows that 3AC made the majority of its purchases during the weekend sale.

When the anti-ETH tweets surfaced, many Twitter users believed he was trying to pump out the rival Avalanche (AVAX) project, which 3AC had invested in. When a user asked if buying ETH meant he was selling his AVAX holdings for ETH, he said he “never sold AVAX” and simply “bought that ETH from someone who is financially illiterate to him for sale this weekend “.

In early November, A Few Arrows Funds was announced as an investor in Blizzard, a fund promoting the development of AVAX. After Zhu’s first tweets, AVAX ousted Dogecoin (DOGE) from its position as the tenth largest cryptocurrency by market capitalization. Zhu tweeted AVAX’s growth chart is labeled “Best 10” for the hours before its turn.

Yes, I gave up Ethereum even though I supported it in the past.

Yes, Ethereum left its users despite having supported them in the past.

The idea of ​​sitting around and watching the process as it burns and putting together purity tests while no newbie can afford the necklace is crude.

– Zhu Su (@zhusu) November 21, 2021

Related: Three Arrows Capital CEO launches NFT funds

Today at 23:34 UTC, 93,791,894 ethers were transferred from a 3AC wallet to an address that apparently belongs to a large retailer. Smaller amounts have been moved to other addresses, including 500 ethers, which will shortly go to what appears to be an NFT investment wallet.