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Erik Voorhees, a well-known figure in the cryptocurrency sector, has reportedly made a large-scale Ethereum purchase. According to onchain analysis, Voorhees, the CEO of ShapeShift, is said to have bought Ethereum worth over $56 million.
According to data shared by blockchain analytics platform Lookonchain, Voorhees spent a total of 49.08 million Tether on Sunday across two different wallets, 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 additionally converted millions of $USDT to $ETH. With these additional purchases, the total Ethereum holdings of the two wallets reached 24,968 $ETH, which is worth approximately $56.5 million.
According to Arkham data, one of the wallets still holds approximately 4.44 million $USDT and $8.64 million worth of Aave-based $ETH. The other wallet reportedly used a large portion of its $USDT balance to complete its Ethereum purchase.
Analysts note that Voorhees’s return to Ethereum purchases after nearly a year is noteworthy. Lookonchain also reported that Billy Luedtke, an early Ethereum user and CEO of Intuition Protocol, bought approximately 7,769 $ETH on Sunday.
According to market data, Ethereum’s price is trading at approximately $2,265 at the time of writing, having gained over 7% in the last 24 hours. Experts note that the re-entry of large investors into the market could indicate continued long-term confidence in Ethereum.
*This is not investment advice.