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Three Arrows Capital Buys the dip, adds ETH worth $101 M

Varinder Singh - Coingape
2022-04-07 14:27
Three Arrows Capital, a hedge fund manager based in Singapore, on Thursday has added nearly 31,345 Ethereum (ETH) for about $101 million. Blockchain analytics platform Nansen marked that a BlockFi address transferred Ether to the Three Arrows Capital wallet address at 2:42 AM UTC. The hedge fund manager has again taken the “buy the dip” opportunity to add more Ethereum when the second-largest crypto was trading near $3170.

Three Arrows Capital Buys 31,345 ETH Worth $101 Million

According to Etherscan data, a successful transfer of 31,345 ETH worth $101,759,034 to the wallet address of Three Arrows Capital was completed at 2:42 AM UTC on April 7. Thus, increasing the Ethereum portfolio in the wallet to about 31,346, which the company may add to an Ethereum staking pool later.
Crypto reporter Colin Wu announces in a tweet regarding the transfer of nearly 31,345 ETH from a BlockFi address to the wallet address of Three Arrows Capital. The tweet reads:
“Nansen marked the BlockFi address transferred 31,345 ETH to the Three Arrows Capital address (0x82ac5170a837f6554d518c71c0590723437e6b64) at 10:42:56 on April 7, worth more than $100 million. “
Three Arrows Capital sold more than $100 million USDC to buy Ether from the same wallet address.
Three Arrows Capital has shown interest in becoming a validator as it continues to stake Ethereum into Lido and Curve staking pools. Recently in March-end, the hedge fund manager staked nearly 52,420 ETH into Curve’s ETH/stETH liquidity pool.

Ethereum Price Rises 3% After the Purchase

The Ethereum (ETH) price increased nearly 3% after Three Arrows Capital purchased ETH at the dip. Moreover, the last time too, the hedge fund manager took the buy the dip opportunity when it acquired Ethereum below $3000.
According to Coinmarketcap, the price of Ethereum is down nearly 2% in the last 24 hours, and down nearly 6% in the last seven days. However, the ETH price has built strong momentum since mid-March and might continue to move upwards from the dip.
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