Three Arrows Capital, a crypto hedge fund, has bought close to half a billion worth of ETH

According to Etherscan, large amounts of Ethereum were transferred from FTX, Binance, and Coinbase to the wallet of Three Arrows Capital. It means that the Singapore-based hedge fund just bought nearly $500 million worth of ETH just two weeks after CEO Su Zhu denounced the crypto.

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Source: Etherscan

Three Arrows Capital bought 100,000 ETH

Etherscan uncovered a series of movements including an amount of nearly 100,000 ETH within two hours. An explanation for the mass purchase of the cryptocurrency was the major dip of the market with Ethereum suffering in the past week.

Su Zhu, CEO of Three Arrows Capital has confirmed as much, and said that “100k ETH is dust for what it’s worth more coming.” He also added that Three Arrows will bid ETH hard on any panic dump like this weekend when the currency briefly plunged to $3,600, liquidating low leverage bulls.

This purchase is notable for following intense criticism of eth by Zhu and others at 3AC late last month just as some bear tunes started playing in concert. After a $1.6 billion eth long was closed on November 11th, Zhu criticized the criticism of a dApp developer who accused others of leaving to other chains just for money.

At the time of writing, ETH is back to where it was before the dip, trading at $4,400 with a considerable ratio gain to now 0.085 BTC, its highest in four years.

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