As the price of top cryptocurrencies remains relatively low, investors are quick to buy the dip.
Ethereum dropped to $3,675 on the 13th of December; taking advantage of the price dip, a Singaporian cryptocurrency hedge fund Three Arrows Capital purchased over $56 million worth of Ethereum.
A week before the aforementioned purchase, Three Arrows Capital invested more than $400 million or 91,477 ETH, while Ethereum’s price was still below $4,000. The amount was seen transferred from Binance, Coinbase (NASDAQ:COIN), and FTX to the hedge fund’s wallet.
“I'll still bid it hard on any panic dump like this weekend,” Zhu Su, the CEO of Three Arrows capital commented about the investment under a Twitter (NYSE:TWTR) post by Wu Blockchain. This was followed by another statement that 100,000 ETH is “dust.”
On The Flipside
- Less than a month ago Zhu Su ditched Ethereum because of its high gas fees.
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