As observed on Etherscan, crypto hedge fund Three Arrows Capital (3AC) gained $56 million (14,833 ETH) from Ethereum following the correction that began Dec 3-4. Chinese journalist Wu shares on-chain data on Blockchain.
Company CEO Zhu Su returns to Ethereum with a ‘U’ turn
Three Arrows Capital CEO, Zhu Su, has previously said that he left Ethereum but was still involved with the project. Later, in the last week of November, Zhu Su made the following statements, explaining that he was connecting to Ethereum again:
I want to soften that up and say abandon is the wrong word. It was the heat of the moment. Sorry.
Wu Blockchain shares altcoin transfers
As reported by cryptocurrency news outlet Wu Blockchain, Three Arrows company continued its ETH accumulation after the first transfer of 91,477 ETH was detected. Chinese newspaper Wu said in a tweet:
Since the transfer of 91,477 ETH from the exchange on December 7, Three Arrow Capital has interacted frequently with the exchange, with a total of 22,416 ETH transferred from the exchange last week.
Earlier in December, the crypto hedge fund loaded approximately 168,954 ETH in tranches of 91,477 ETH and 77,477 ETH transferred by Nansen from FTX, Binance and Coinbase to the wallet marked Three Arrows Capital.
Ethereum price analysis
Ethereum is trying to keep the collapse felt throughout the market at around 3.84%. The leading altcoin project was one of the most successful proponents of the decline. Ethereum, which is down 12.35% for the week, is now trading at $3,837.47. For ETH to rise again, the $4,000 and $4,345 levels must be surpassed.