Three arrows capital bought ETH for over 50 million US dollars
Three Arrows has already bought over $ 50 million worth of ETH to continue its accumulation strategy. Let’s find out more in our Ethereum news today.
Hedge fund manager 3 Arrows Capital bought over $ 50 million worth of the domestic token ETH during the controversial history, but later pulled 15,000 coins from Binance and Coinbase into its wallet. Outlining 3 Arrows Funds’ recent interaction with Etheruem, blockchain journalist Colin Wu said it was right to move ETH from the two largest exchanges to the company’s wallet.
According to etherscan, Asome Arrows Money transferred a total of 14,833 ETH ($ 56 million US) 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
With the transfer, the company doubled its ETH holdings in early December: Three Arrows Money deposited over 90,000 ETH worth around $ 400 million in its wallet in two days. What is even more fascinating about these purchases is that they came shortly after the company’s CEO announced a change in sentiment towards Ethereum and its ETH coin. Su Zhu said back in November that the company had given up Ethereum despite having received support in the past. His comments led to a lot of criticism in the crypto community and he later said that the word “give up” wasn’t really appropriate, but he later apologized for using it.
The cool thing about Defi section is that if you know someone’s address, you can easily look up their investments and interactions too. So did an analyst and looked for the main address of the Three Arrows fund and found that the hedge fund had bought a large amount of Connection during the break-in. The largest hedge fund in the industry currently holds hundreds of millions of Grayscale BTC trust stocks as well as a large chunk of the multi-billion dollar Deribit exchange with myriad other investments in the crypto space. Now they also become the main owners of Chainlink.
Three Arrows Cash is currently the only fund that accumulates large amounts of ETH-based coins. Leap Trading, a large trading company in Chicago, currently owns approximately $ 18.5 million in ETH, plus millions of dollars in Compounds, Serums, Maintain Community, and HXRO. The company has made other types of investments in Orchid, Maker, and Huobi as well. Since they are market makers, it is not clear what exactly this means for the investments made.