As seen on Etherscan, crypto hedge fund Three Arrows Capital (3AC) has snapped up $56 million in Ethereum, or nearly 14,833 ETH, following the market dip. Ethereum is presently trading at $3,788 after slipping approximately 11% to lows of $3,660 on Dec. 13.
Three Arrows Capital CEO Zhu Su attracted wide attention in late November after, in a series of tweets, he indicated, "Yes I have abandoned Ethereum despite supporting it in the past."
Later, in what seemed to be a U-turn, the CEO tweeted, "I want to soften this and say abandon is the wrong word. Was the heat of the moment. I'm sorry."
As tweeted by Wu Blockchain, Three Arrows continued its accumulation bid after the initial transfer of 91,477 ETH surfaced online.
Since the transfer of 91,477 ETH from the exchange on December 7, Three Arrow Capital has frequently interacted with the exchange, and a total of 22,416 ETH has been transferred from the exchange in the past week.
Earlier in December, the crypto hedge fund loaded nearly 168,954 ETH in tranches of 91,477 ETH and 77,477 ETH transferred from FTX, Binance and Coinbase to the wallet marked by Nansen as Three Arrows Capital.
Ethereum price action
The Ethereum price is attempting to post a rebound since the prior day's low of $3,660. The Ethereum price action is endorsing a more sideways market in the near term.
If buyers create traction off the $4,000 range, upside friction could commence from the upper horizontal barrier at $4,345. Overall, ETH/USD remains skewed to the upside if the price holds above the $3,600 and $4,000 mid-term consolidation zone.