Hedge fund manager Three Arrows Capital has bought nearly 7500 Ethereum worth around $22.43 million on March 22nd. The Ethereum address of Three Arrows Capital shows an outflow of Ether from crypto exchanges FTX and Deribit in the last 8 hours.
Three Arrows Capital acquired Ether at the right time when it was trading near $2800, before a nearly 5% increase in ETH price. The crypto market has seen a rally today, including Ethereum, with the current ETH price trading above $3000.
Three Arrows Capital Buys Ethereum
Colin Wu, a crypto reporter, announced in a tweet that a total of 7500 ETH was withdrawn by the hedge fund. Out of which, 5500 ETH transferred was from FTX and 2000 ETH was from Deribit.
“The Three Arrows Capital address (0x4862733B5FdDFd35f35ea8CCf08F5045e57388B3) has inflowed 7,500 ETH in the past seven hours, with a total value of about $22.43m; of which 5,500 ETH was withdrawn from FTX and 2,000 ETH was withdrawn from Deribit.”
Etherscan data shows three transactions linked to the wallet address of Three Arrows Capital. Two exchange outflow transactions from FTX, with values of 3500 and 2000 ETH, and one outflow transaction with a value of 2000 ETH from Deribit.
Moreover, the wallet address of the hedge fund manager reveals massive ETH staking this week. Two transactions show an inflow of 40,500 and 9000 Ether four days ago. However, an outflow of 36,400 Ether from the wallet is also recorded.
After the recent purchase, a tweet from Zhu Su, co-founder of Three Arrows Capital, reads:
“The answer to “why pump” is always “preordained,” nothing more nothing less.”
Ethereum Rises 5% in the last 24 hours
Recently, Three Arrows Capital and FTX led a fundraising round for the Mina proof-of-stake protocol with the aim of increasing the growth of developers in the Ethereum community. With Ethereum pushing for the ETH 2.0, traders are investing more for proof-of-stake efficient Ethereum.
As per CoinMarketCap, Ethereum (ETH) has seen a 38% increase in trading volume and an almost 5% increase in the price in the last 24 hours. Moreover, in the last week, the ETH price has rallied almost 19%, from the level of $2500 to the psychological level of $3000, as investors decide to hodl their Ethereum.
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Source: https://coingape.com/three-arrows-capital-buys-7500-ethereum-eth/