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Erik Voorhees, the legendary early Bitcoin advocate and founder of the ShapeShift exchange, is currently accumulating Ethereum ($ETH) at a rather impressive pace.
Blockchain analytics platform Lookonchain has noted that Voorhees is “buying $ETH like crazy after a one-year break” in response to the massive moves.
Voorhees has deployed capital through decentralized settlement networks like CoW Protocol. He has spent a total of $49 million in $USDT, with the total number of acquired tokens nearing 24,000. The average execution price stands at $2,098.
His associated wallets still hold approximately $35.25 million in stablecoin reserves ($USDT and Aave-yield bearing AETHUSDT).
A smart money rotation?
Voorhees is not the only high-net-worth individual pivoting hard into Ethereum this week.
A wallet linked to an early Ethereum builder recently dropped $17.46 million to scoop up 7,769 $ETH at an average price of $2,248 in just two hours.
A notable crypto whale recently closed a lucrative Bitcoin perpetual futures long position for a $1.88 million profit. Following the closure, the whale withdrew over 7 million USDC and immediately pivoted to buying 1,827 $ETH on the spot market. The whale now holds a massive 12,028 $ETH stash valued at roughly $24.97 million.
Heavyweight liquidity provider Cumberland is also actively accumulating. Wallets linked to the trading firm recently withdrew 23,000 $ETH (worth over $50.1 million) from major centralized exchanges like Binance and Coinbase
This wave of high-profile buying has injected some much-needed bullish sentiment into the Ethereum market. The asset is currently up 7.6% over the past 24 hours, easily clearing the $2,200 resistance level to trade around $2,270.