ETH is 37% Down From its All-Time-High – This Singapore Hedge Fund Just Bought US$22M Worth

24th March 2022
ETH is 37% Down From its All-Time-High – This Singapore Hedge Fund Just Bought US$22M Worth
Art Rachen, Unsplash

Singapore-based hedge fund Three Arrows Capital has just added 7,500 ETH worth US$22.43 million to its portfolio.

According to data from Etherscan, the company’s Ethereum address shows an inflow of ETH from addresses belonging to exchanges including FTX and Deribit.

In November 2021, 3AC CEO Zhu Su publicly slammed Ethereum, citing the network’s high gas fees and how it has “abandoned its users despite supporting them in the past”. The firm then sold off a significant portion of their ETH holdings.

However, 3AC abruptly added US$400 million worth of ETH to its portfolio in December, with Su later tweeting that he’ll still “bid hard on any [ETH] dump”. The purchase had coincided with a major market correction.

Price action

3AC’s purchase could be a sign of bullishness for the network.

At the time of writing, Eth is trading at US$3,038.23. According to Bread’s technician, ETH has more upside ahead, with a possible 50% breakout from its 24 February low of US$2,336.87 on the cards.

β€œFor now, I think US$3,486 is a reasonable near term aiming point.” – Read more on today’s Technician’s Take.

Written by Bread News Team
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