Three Arrows Capital Buys 100,000 ETH In Deal Worth Nearly Half A Billion Dollars, Days After Its CEO Zhu Trashed Ethereum

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Three Arrows Capital is holding a hefty amount of Ethereum, despite CEO Su Zhu’s rubbishing claims on the cryptocurrency less than two weeks ago.

Zhu’s Firm Did Not Sell Ether; You’re Welcome

The rant which came on November 21st interestingly coincided with data on Etherscan showing that the address marked “Three Arrows Capital” on Nansen transferred 17,895 ETH (worth approximately $79.23 million) to the FTX, sending a signal that the firm would sell its holdings.

Today, Etherscan shows that 91,477 ETH (about $400 million) including 77,477 ETH within two hours, were transferred between Monday and Tuesday from FTX, Binance, and Coinbase to the wallet marked by Nansen as Three Arrow Capital. 

“Eth L1 still unusable for newcomers, show it to your grandma if you don’t, believe me, I’ll still bid it hard on any panic dump like this weekend obv 100k eth is dust for what it’s worth, more coming,” Zhu tweeted following the discovery.

Apart from making an attractive profit, according to sources, such transfers to a wallet could only mean one thing; Zhu’s firm is holding Ether with “no intention” of selling.

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Last month, Zhu meted out his frustrations at Ethereum, threatening that he was leaving the network.“Yes, I have abandoned Ethereum despite supporting it in the past. Yes, Ethereum has abandoned its users despite supporting them in the past.” he said.

In a tweet that received overwhelming support from followers, some of whom are now in great shock having sold their bags, he complained of how Ethereum had promised users a vision of the future but “they have to to pay $100-1k per tx to enjoy it, and then get told some tales about how they should’ve been smart enough to buy ETH at $10.”

Last week, he and Elon Musk seemed to agree that Ethereum’s sky-high transaction fees on DeFi protocols were choking small investors, vouching for other low-fees networks. 

“You Are On Your Own”

Despite Zhu presenting himself as one who would soon be dumping the second largest crypto asset, a more glaring question is, why would anyone sell an asset that has already made him such immense profit with nothing to lose?

Late last month, he disclosed that 90% of his top list that he had written down in Q1 2019 had already hit his targets, including Ethereum. He pleaded with his over 369k followers not to “go out there and dump your whole portfolio to USD.” Instead, he advised them that “This is a great time to slow things down and try to dig in deeper instead of asking “what’s next.” Should he still apologize? No, I don’t think so.