Three Arrows Capital has reportedly bought in the ether dip, adding about 31,345 ether valued over a hundred million dollars to its portfolio. Based on reports, blockchain data analytics Nansen confirmed that ether was moved to the wallet belonging to the Singaporean hedge manager in early Thursday morning.
Three Arrows leveraged the chance to acquire more ether following the recent dip in ETH price in the market. As of the time of the buy , the second-largest coin by market capitalization was exchanging at $3.1k. Fortunately for ETH investors and traders, the coin’s price has went up by 3%.
Three Arrows Sold USDC to Purchase Ether
Etherscan revealed that the fund manager completed the transfer of hundred million dollars worth of ether on April 7. Before the transfer, Three Arrows had one ETH to its name. Ethereum’s portfolio has increased by 31,345 following the acquisition.
However, the fund manager had to sacrifice its USDC holdings to acquire Ether. Three Capitals sold over $100M worth of Circle stablecoin to buy ETH using the same address.
Reports indicate that Three Arrows didn’t capitalize on the dip to increase its portfolio. On several occasions, the asset manager has indicated interest to become a node as the Ethereum ecosystem transitions from PoW to PoS. Based on this writing, the fund manager has staked more than 52k ETH into the Lido and Curve pools.
Ether Rebounds with a 3% Increase
After the acquisition by Three Arrows Capital, ether price surprisingly went up by 3% in the intra-trading market. It isn’t the first time ETH has risen after being bought by the hedge fund manager.
Before this time, the fund manager previously capitalized on the dip in ETH price when the coin traded below $3k. The crypto rose afterward shortly after the acquisition.
Based on the 24-hr trading market, ether has declined by almost 2% and 6% in the last week. Since last month, ETH has been riding on a solid momentum, up by more than 5% in the trading market. The increase tallied with the astronomic rise of BTC and other virtual currencies then, where BTC nearly touched $48k.
Experts predict ETH to extend March’s momentum to April and recover quickly from the slump. As ETH upgrade approaches, Three Arrows will look forward to staking more ether as well as investing in the coin.
Meanwhile, the general crypto market has been between bullishness and bearishness in the last 24 hours. BTC trades below $44k, while other virtual coins have fairly maintained their prices as of this publication.