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Three Arrow Capital, Which "Abandoned" Ethereum, Received $400 Million Worth of It in Two Days

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Tue, 12/07/2021 - 11:27
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Arman Shirinyan
The hedge fund CEO that promised to abandon Ethereum just received $400 million worth of it
Three Arrow Capital, Which "Abandoned" Ethereum, Received $400 Million Worth of It in Two Days
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Three Arrow Capital crypto hedge-fund received a significant amount of Ether from various large centralized exchanges following the company CEO's critique and abandonment of the Ethereum network.

Series of large Ethereum transactions

Large transactions have been appearing on the fund's address constantly in a period of two days. Only two hours before press time, the fund's wallet received 27,000 Ethereum coins worth approximately $108 million.

Etherscan Page
Source: Etherscan

The day before, the fund received 14,000 ETH worth approximately $56 million and the same amount three days ago in numerous smaller transactions worth from 2,000 ETH to 12,000 ETH.

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The fund's withdrawing activity might be a sign of accumulation during the most recent market dip. Since Ethereum lost 27% of its value at the local trend's bottom, funds and large investors were able to purchase the asset at a significant discount during the market sell-off.

Fund CEO's complicated relationship with Ethereum

Previously, the CEO and founder of Three Arrows Capital have stated that he decided to "abandon" Ethereum despite all the support he provided to it in the past. His main problem with the network was the inability of newcomers to simply afford the chain due to high fees.

Later on, Zhu "softened" his previous tweet by saying that he used the wrong word in the heat of the moment. The fund's CEO has also pointed out that he respects the effort of building L2 solutions that help Ethereum with scaling but would also prefer seeing further development of the first layer that would make mainnet affordable for new users.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.