Following the latest dip in cryptocurrency prices, the crypto hedge fund called Three Arrows has bought over 156K Ether, totalling at around $676,37 million (at the time of purchase).
This news would signify a typical act of “buying the dip”, but the acquisition is actually notable, granted what the Three Arrows’ CEO Zhu Su had to say about Ethereum in the days leading up to the purchase.
In a recent Twitter rant, Zhu Su responded to Kain Warwick (the founder of Synthetix). Warwick’s original tweets shamed individuals and business entities who have sold their Ether “in pursuit of profit maximization”. The CEO of the Three Arrows hedge fund snapped back by stating that the community around Ethereum suffers from a “Founders’ Dilemma”, and that all parties involved are “far too rich to remember what they’d originally set out to do”.
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Zhu then backpedaled his statement after his tweets received a lot of attention, stating that he “loves Ethereum”, and that the exclamation of him “abandoning” the crypto technology in question was too strong to make.
This soon proved to be true, since, in the weeks leading up from when these tweets were made, Three Arrows purchased over 156K Ether. The purchases were made from Binance, Coinbase, and FTX.
On Twitter, Zhu maintained his stance on Ethereum still being very unfriendly to newcomers, but noted that he’d still “bid hard on any panic dump like this weekend”.
Initially, when the CEO of 3AC had made the Ethereum-bashing tweets, the community speculated that he might have either wanted to pump AVAX (a project that Three Arrows had invested in), or to cause panic in the market, so that the price of ETH would dip, and the hedge fund in question could make the aforementioned purchases.
The above-mentioned speculations rose after Zhu’s announcement that 3AC had invested in AVAX, in November. After the tweet, AVAX navigated itself to the list of top 10 cryptocurrency projects - how much influence did Zhu Su’s tweet have on this movement, however, is uncertain.
