Three Arrows Capital Purchased More Than $50 Million Worth Of ETH

Three arrows capital purchased more than $50 million worth of ETH as it continues its accumulation strategy so let’s find out more today in our ethereum news.

The hedge fund manager Three Arrows Capital purchased more than $50 million worth of ETH in what has been seen as a controversial history of the native token but then it transferred 15,000 coins from Binance and Coinbase to its wallet. The blockchain journalist Colin Wu outlined the recent interaction of Three Arrows Capital with Etheruem and said the transfers of ETH from the two biggest exchanges to the firm’s wallet were accurate.

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

With the transfer, the company has doubled down on its ETH accumulation as December started. Three Arrows Capital sent more than 90,000 ETH valued at around $400 million to its wallets in two days. What’s even more intriguing about these purchases is that they came right after the company’s CEO revealed a change of sentiment against Ethereum and its ETH coin. Su Zhu said back in November that the company abandoned Ethereum despite being supportive of it in the past. His comments led to a lot of criticism from the crypto community and he later said that the word “abandon” was not really suitable but he apologized for using it afterward.

What’s interesting in the Defi space is that if you know someone’s address you can easily look up the investments they made and the interactions as well. This is what one analyst did and looked up the primary address of Three Arrows capital and noticed that the investment fund purchased a huge chunk of LINK during the dip The biggest investment fund in the space now holds hundreds of millions worth of Grayscale BTC trust shares as well as a huge piece of the billion-dollar exchange Deribit with countless other investments in the crypto space. Now, they became large holders of Chainlink as well.

Three arrows Capital is now the only fund that is accumulating a huge amount of ETH-based coins. Jump Trading which is a massive trading company in Chicago now has about $18.5 million worth of ETH along with millions in Compound, Serum, Keep Network, and HXRO. The company has assorted other investments as well like in Orchid, Maker, and Huobi. Since they are market makers, it’s not clear what exactly this means for the investments that they are making.