Three Arrows Capital, the popular hedge fund manager that provides risk-adjusted returns, transferred $56 million worth of Ethereum which is 14,833 ETH which was recorded on Etherscan.
Following the cryptocurrency market dip that involves Ethereum and other major cryptocurrencies, Three Arrows Capital is recorded to have transferred a total of 14,833 ETH which amounts to $56 million. Ethereum has lost 10% price value recently and is currently trading at $3,831.39 on December 14.
Zhu Su, the acting CEO of 3AC tweeted last month that “Yes I have abandoned Ethereum despite supporting it in the past.”
It shows he might have opted to step aside from Ethereum for a while which was later corrected by his own tweet.
He also corrected his previous statement in the following tweet saying that he used harsh-words; probably he should not have used the word “abandon.”
Soon he took a turn, however, as it appears from his tweet that says, “I want to soften this and say abandon is the wrong word. Was the heat of the moment. I’m sorry.”
Later , Wu Blockchain tweeted that 3AC keeps accumulating Ethereum after they transferred 91,477 ETH last week on 7th December.
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
In the first week of December, 3AC was seen transferring a total of 168,954 ETH in the two installments of 91,477 ETH and 77,477 ETH from FTX, Binance and CoinBase to their Nansen wallet signifying the platform. No matter what they claim, their interest in Ethereum remains intact and the hedge fund is sure to make a certain amount of profit.
Ethereum price has been tumbling for the last few days. It dipped around as low as $3,600 today and is looking for a solid push to restore its price and stand above $4,000.
The price of Ethereum was around $3,900 on 13th December which further tumbled down today, creating a wide gap in what its price was standing just a few days ago. Ethereum is a higher confidence cryptocurrency that can rise any time.