Erik Voorhees, a well-known figure in the cryptocurrency industry, reportedly made a large-scale purchase of Ethereum. According to on-chain analysis, Voorhees, the CEO of ShapeShift, purchased Ethereum for over $56 million.
According to data shared by blockchain analytics platform Lookonchain, Voorhees spent a total of 49.08 million Tether across two different wallets on Sunday, purchasing approximately 23,393 $ETH. The transaction data was also corroborated by Lookonchain data provider Arkham Intelligence.
According to Lookonchain’s report, following the transactions, one of the wallets continued to purchase Ethereum and further converted millions of dollars. $USDT has $ETH. With these additional purchases, the total Ethereum holdings of both wallets reached 24,968. $ETHwhich is worth approximately $56.5 million.
According to Arkham data, one of the wallets still contains around $4.44 million. $USDT and $8.64 million in Aave-based assets $ETH. The other wallet would have used a large part of its $USDT balance to finalize your purchase of Ethereum.
Analysts note that Voorhees’ return to Ethereum purchases after nearly a year is remarkable. Lookonchain also reported that Billy Luedtke, an early Ethereum adopter and CEO of Intuition Protocol, purchased approximately 7,769 $ETH on Sunday.
According to market data, Ethereum price is trading at around $2,265 at the time of writing, having gained over 7% in the last 24 hours. Experts note that the return of large investors to the market could indicate continued long-term confidence in Ethereum.
*This does not constitute investment advice.
