Friday, July 1

Three Arrow Capital, which ditched Ethereum, made $ 400m

The crypto hedge fund, Three Arrow Capital, won $ 400 million in two days after leavingEthereum due to criticism made by the Fund CEO Su Zuh, according Arman Shirinyan en U Today.

Large trades have been popping up in the fund’s direction consistently over a two-day period. Just two hours before press time, the fund’s wallet received 27,000 Ethereum coins worth approximately $ 108 million.

The day before, the fund received 14,000 ETH worth approximately $ 56 million and the same amount three days ago in numerous smaller transactions worth 2,000 ETH and 12,000 ETH.

Fund withdrawal activity could be a accumulation signal during fall most recent market. Since Ethereum lost the 27% of its value At the bottom of the local trend, funds and large investors were able to buy the asset at a significant discount during the market sell-off.

The fund’s CEO’s complicated relationship with Ethereum

Previously Zhu, CEO and founder of Three Arrows Capital, stated that he decided to “abandon” Ethereum despite all the support he gave him in the past. Their main problem with the network was the inability of newcomers to pay for the chain simply due to high fees.

Later, Zhu “softened” his earlier tweet saying that he used the wrong word in the heat of the moment. The CEO has also noted that he respects the effort to build L2 solutions that help Ethereum scale, but I would also rather see a further development of the first layer which would make the mainnet go affordable for new users.

Ethereum remains above $ 4,000 and the Ei indicators are mostly positive.

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