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Erik Voorhees, widely recognized for his early support of Bitcoin and for founding ShapeShift, has returned to the crypto market with a strong focus on Ethereum after taking a one-year break.
The renewed accumulation of Ether by Voorhees coincides with a broader upswing in the Ethereum market, as the cryptocurrency gains momentum and spot ETFs continue to attract significant institutional inflows.
ShapeShift CEO Goes On Aggressive ETH Buying Spree
According to on-chain data, Voorhees recently spent about $49.08 million in Tether’s USDT to acquire 23,393 ETH at an average price of $2,098, executing the purchases through two separate wallets on Sunday. The move signals renewed confidence in Ethereum from one of the crypto industry’s earliest and most prominent figures.
With $35.25 million in USDT still in reserve, he could potentially expand his Ethereum holdings even further, Lookonchain noted. The analytics firm also reported that Erik Voorhees had offloaded 12,886 ETH roughly a year ago, when the altcoin king was trading at around $3,324.
Notably, since the report by the Lookonchain, one of the wallets — 0x3e6…Ef2f7 — has swapped several more million USDT for additional Ethereum. As a result, the combined holdings across the two wallets have increased to 24,968 ETH, currently valued at approximately $57 million.
 
Ethereum Buyers Return
Voorhees’s reported return to accumulating Ethereum after a year-long pause may reflect a broader trend of institutional investors showing renewed long-term confidence in the asset. This growing interest is also reflected in rising inflows into U.S.-listed spot Ethereum exchange-traded funds (ETFs), which drew $160.8 million in net inflows last week.
According to Lookonchain, another notable purchase came from Billy Luedtke, an early Ethereum user and the CEO of Intuition Protocol, who acquired 7,769 ETH on Sunday. Meanwhile, Ether is currently changing hands at around $2,268, marking a 7.15% gain over the past 24 hours, based on data from CoinGecko.
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