A hedge fund has taken advantage of the current dip in Ethereum’s price to invest over $456 million in the cryptocurrency.
The hedge fund Three Arrows Capital bought $56 million worth of Ether earlier on December 14, according to Etherscan. The firm, founded by Su Zhu, transferred 14,833 ETH from Binance and Coinbase to its wallet. This is not the first time the hedge fund has purchased a large amount of Ethereum—Last week it transferred $400 million in ETH from crypto exchanges FTX, Binance and Coinbase to its wallet.
However this move also comes with controversy as Zhu originally abandoned Ethereum despite supporting it previously calling it “dead” before saying he would bid hard on any panic dump during the last major drop in price… But he changed his tune recently, softened his stance and even turned around saying, “I love Ethereum and what it stands for.”
Some in the crypto community are speculating that Zhu is trying to create fear, uncertainty and doubt (FUD) to drive Ethereum prices down in order to buy more at a lower price.
Ethereum’s current price sits at $3,900 after dropping from over $4,300 on December 10. If these speculations are true, it could be a good time for investors to get into Ethereum as there is still potential for the price to rebound.
An in depth blog paragraph talking about why this hedge fund poured over $456 million into Ethereum in a week as ETH price dipped could look something like this:
A hedge fund has taken advantage of the current dip in Ethereum’s price to invest over $456 million in the cryptocurrency.
The reasoning behind the move is not clear, but some speculate that hedge fund manager Su Zhu may be playing with fear, uncertainty and doubt (FUD) using his large investment as a form of manipulation on the market to drive Ethereum price down so he can buy more ETH at a cheaper price.
Ethereum’s current price sits at $3,900 after dropping from over $4,300 on December 10. If these speculations are true, it could be an advantageous time for investors looking to get into Ether as there is still potential for the price to rebound.