Three Arrows Capital, a Singapore-based hedge fund, bought another 31,345 Ethereum (ETH) on Thursday for approximately $101 million. Blockchain analytics platform Nansen stated that a BlockFi address transferred Ethereum to the Three Arrows Capital wallet address. The hedge fund used this as a ‘buy at the bottom’ opportunity as the leading altcoin project traded around $3,170.
Three Arrows Capital continues to bottom out Ethereum
According to Etherscan data, a successful transfer of 31,345 ETH worth $101,759.034 was made to the wallet address of Three Arrows Capital today. Thus, the Ethereum portfolio in the wallet has grown to approximately 31,346 ETH, which the company can then add to an Ethereum stake pool.
Crypto reporter Colin Wu announced in a tweet about the transfer of approximately 31,345 ETH from a BlockFi address to Three Arrows Capital’s wallet address. The tweet reads:
Nansen reports that at 10:42:56 on April 7, 31,345 ETH worth more than $100 million was transferred to Three Arrows Capital from a BlockFi address.
Three Arrows Capital, 100 million to buy Ethereum from the same wallet address It sold more than USDC. Three Arrows Capital has shown interest in becoming a validator as it continues to invest Ethereum in the Lido and Curve stake pools. Recently, at the end of March, the hedge fund invested approximately 52,420 ETH in Curve’s ETH/stETH liquidity pool.
Leading altcoin price up 3% after buy
Ethereum (ETH) price is up nearly 3% after Three Arrows Capital bought ETH on the decline. Moreover, last time, the hedge fund saw it as a buying opportunity when Ethereum plunged below $3,000.
According to Coinmarketcap, the price of the leading altcoin has increased by approximately 0.28% in the last 24 hours at the time of writing and has fallen by approximately 2.18% in the last seven days. However, according to analysts, ETH price has gained strong momentum since mid-March and may continue to move up from the bearish. As we mentioned in the news on Kriptokoin.com, Three Arrows Capital is increasing its Ethereum purchase and Ethereum (ETH) allocation in its portfolio as Ethereum’s transition date to the Proof of Stake (PoS) consensus approaches.
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