On Thursday, Singapore-based hedge fund Three Arrows Capital bought another 31,345 Ethereum (ETH) for about $101 million. Blockchain analytical platform Nansen stated that the BlockFi address transferred Ethereum to the Three Arrows Capital wallet address. The hedge fund used this as an opportunity to “buy at the bottom” as the leading altcoin project was trading around $3,170.
Three Arrows Capital Continues to Reach the Bottom of Ethereum
According to Etherscan, a successful transfer of 31,345 ETH in the amount of $101,759,034 was made to the Three Arrows Capital wallet address today. Thus, the Ethereum portfolio in the wallet has grown to about 31,346 ETH, which the company can then add to the Ethereum betting pool.
Cryptocurrency reporter Colin Wu announced on Twitter the transfer of approximately 31,345 ETH from the BlockFi address to the Three Arrows Capital wallet address. The tweet reads:
Nansen said that at 10:42:56 on April 7, 31,345 ETH worth more than $100 million were transferred from the BlockFi address to Three Arrows Capital.
Three Arrows Capital has sold over $100 million to buy Ethereum from the same wallet address. Three Arrows Capital has shown interest in becoming a validator as it continues to invest Ethereum in the Lido and Curve betting pools. Recently, at the end of March, the hedge fund invested about 52,420 ETH in the Curve ETH/stETH liquidity pool.
The price of the leading altcoin increased by 3% after the purchase
The price of Ethereum (ETH) rose by about 3% after Three Arrows Capital bought ETH on the fall. Moreover, the last time the hedge fund saw this as a buying opportunity, when Ethereum fell below $3,000.
According to Coinmarketcap, the price of the leading altcoin has increased by about 0.28% in the last 24 hours at the time of writing and has fallen by about 2.18% in the last seven days. However, according to analysts, the price of ETH has gained strong momentum since mid-March and may continue to move up from bearish. As we mentioned in the news on Kriptokoin.com , Three Arrows Capital is increasing the purchase of Ethereum and the distribution of Ethereum (ETH) in its portfolio as the date of Ethereum’s transition to the Proof of Stake (PoS) consensus approaches.