Three Arrows Capital Buys The Dip, Adds Ethereum (ETH) Worth $101 M

Varinder Singh
April 7, 2022
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Breaking: 20K Staked ETH (stETH) Worth $33 Mln Removed From Curve

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.

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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.

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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.

As the date of Ethereum’s shift to proof-of-stake moves closer, Three Arrows Capital has increased its Ethereum purchasing as well Ethereum (ETH) staking.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.