Cryptocurrency hedge fund Three Arrows Capital (3AC) has bought more than half a billion dollars from Ether in the time since CEO Zhu Su publicly tapped the cryptocurrency on Twitter. Does the purchase mean he changed his mind, or did he just take advantage of a market crash to buy the dip?
In a draw against ETH between November 20 and 22, Zhu tweeted about why he “left Ethereum despite supporting it in the past.” The thread came in response to a tweet from Synthetix founder Kain Warwick calling for people to be “sold out for profit”. During the tweet, Zhu claimed that Ethereum culture “suffers en masse from the Founders’ Dilemma” and that “everyone is already far too rich to remember what they originally intended to do.”
However, after attracting wide attention, he turned around saying that he wants to “soften” his original attitude and that “I love Ethereum and what it means.”
In the approximately 17 days since the threads, approximately 156,400 thousand Ether (ETH) or $ 676.37 million have been transferred to purse this blockchain analysis firm Nansen has partnered with 3AC.
Almost all funds entering the wallet during this period were transferred from Binance, FTX exchange or Coinbase.
Look, I couldn’t let you guys look at the burn without me
Eth L1 still unusable for novices, show it to your grandmother if you don’t believe me
I’ll still regret it on any panic dump like this weekend obv
100k eth is dust fwiw, more coming
– Zhu Su (@zhusu) December 7, 2021
Zhu confirmed the transactions earlier today in response to a tweet from Chinese blogger Wu Blockchain, saying that although Ethereum layer-one is still “unusable for novices,” he would still “piece by piece about any panic dump like this weekend.”
The wallet shows that 3AC made the majority of its purchases during the weekend price crash.
When the anti-ETH tweets came out, many Twitter users believed he was trying to pump up a rival Avalanche (AVAX) project in which 3AC had invested. In response to a user asking if ETH’s purchases meant that he discarded his AVAX properties for ETH. , he said he “never sold AVAX” and simply “bought this ETH from anyone who was financially illiterate enough to sell this weekend.”
In early November, Three Arrows Capital was announced as an investor in Blizzard, a fund to promote the development of AVAX. Following Zhu’s initial tweets, AVAX pushed Dogecoin (DOGE) out of its place as the 10th largest crypto by market capitalization. Zhu tweeted a chart of AVAX’s growth titled “top 10” in the hours before its turnaround.
Yes, I left Ethereum despite having supported it in the past.
Yes Ethereum has abandoned its users despite supporting them in the past.
The idea of sitting around joking looking at the burn and inventing cleanliness tests while zero novices can afford the chain is crude.
– Zhu Su (@zhusu) November 21, 2021
Related: Three Arrows Capital executives launch NFT fund
At 23:34 UTC today, 93,791,894 Ether were moved from the wallet belonging to 3AC to an address that appears to belong to a major merchant. Smaller quantities were moved to other addresses, including 500 Ether moved to an apparent NFT investment wallet soon.
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