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Erik Voorhees, widely recognized for his early support of Bitcoin and for founding ShapeShift, has returned to the crypto market with a strong focus on Ethereum after taking a one-year break.
The renewed accumulation of Ether by Voorhees coincides with a broader upswing in the Ethereum market, as the cryptocurrency gains momentum and spot ETFs continue to attract significant institutional inflows.
ShapeShift CEO Goes On Aggressive $ETH Buying Spree
According to on-chain data, Voorhees recently spent about $49.08 million in Tether’s $USDT to acquire 23,393 $ETH at an average price of $2,098, executing the purchases through two separate wallets on Sunday. The move signals renewed confidence in Ethereum from one of the crypto industry’s earliest and most prominent figures.
With $35.25 million in $USDT still in reserve, he could potentially expand his Ethereum holdings even further, Lookonchain noted. The analytics firm also reported that Erik Voorhees had offloaded 12,886 $ETH roughly a year ago, when the altcoin king was trading at around $3,324.
Notably, since the report by the Lookonchain, one of the wallets — 0x3e6…Ef2f7 — has swapped several more million $USDT for additional Ethereum. As a result, the combined holdings across the two wallets have increased to 24,968 $ETH, currently valued at approximately $57 million.
Ethereum Buyers Return
Voorhees’s reported return to accumulating Ethereum after a year-long pause may reflect a broader trend of institutional investors showing renewed long-term confidence in the asset. This growing interest is also reflected in rising inflows into U.S.-listed spot Ethereum exchange-traded funds (ETFs), which drew $160.8 million in net inflows last week.
According to Lookonchain, another notable purchase came from Billy Luedtke, an early Ethereum user and the CEO of Intuition Protocol, who acquired 7,769 $ETH on Sunday. Meanwhile, Ether is currently changing hands at around $2,268, marking a 7.15% gain over the past 24 hours, based on data from CoinGecko.