In Brief:
- Three Arrows Capital Ltd has received $400m worth of Ethereum.
- Binance, FTX and Coinbase had reportedly transferred large amounts of Ethereum to the wallet of Three Arrow Capital.
Three Arrows Capital Ltd, the Singapore-based hedge fund, bought Ethereum worth $400m. This news comes off as a surprise as just two weeks ago, CEO Su Zhu had dismissed Ethereum over its High gas fees.
Wu blockchain tweeted about the transfer of 97,477 ETH from different crypto exchanges to a wallet belonging to Three Arrows Capital.
Binance, FTX, and Coinbase had reportedly transferred large amounts of Ethereum to the wallet of Three Arrow Capital.
However, Zhu had confirmed about bidding on Ethereum by tweeting, “I’ll still bid it hard on any panic dump like this weekend obviously.”
In the past week, the major dip in the market with Ethereum has witnessed a major fall in the market which accelerated the mass purchase of the cryptocurrency.
Recently, Su Zhu, CEO of Three Arrows Capital was distinctly outright about his decision to abandon Ethereum and was even quick to respond to the tweet disclosing the hedge fund’s purchase by calling it “unusable for newcomers”.
Zhu’s controversial takes on Ethereum have been floating around for the past few months. This is evident with the time when Zhu declared about abandoning Ethereum but then backtracking on his statement and apologizing by later declaring his love for Ethereum again.
Ethereum’s high gas fees was the reason for Zhu’s apprehension and dismissal of Ethereum. He even claimed, “everyone is already far too rich to remember what they originally set out to do”.
