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Three Arrows buys 156K ETH in the weeks after CEO ‘abandoned ETH’
KEIRA WRIGHT
13 HOURS AGO
Only a few weeks ago, CEO Zhu Su was blasting ETH on Twitter for high gas fees and accessibility issues. Now, his company is buying the dip.
Crypto hedge fund Three Arrows Capital (3AC) has bought more than half a billion dollars worth of Ether (ETH) in the time since CEO Zhu Su publicly slammed the cryptocurrency on Twitter. Do the purchases mean he’s changed his mind, or was he just taking advantage of a market crash to buy the dip?
In an anti-ETH tirade between Nov. 20 and Nov. 22, Zhu tweeted about why he had “abandoned Ethereum despite supporting it in the past.” The thread came in response to a tweet from Synthetix founder Kain Warwick, who’d called out people who have “sold out in pursuit of profit maximization.” During the tweet storm, Zhu claimed that Ethereum culture “suffers massively from the Founders’ Dilemma” and that “everyone is already far too rich to remember what they originally set out to do.”
However, after attracting wide attention, he made a U-turn, saying he wanted to “soften” his original stance and that “I love Ethereum and what it stands for.”
In the 17 days or so since the threads, approximately 156,400 ETH or $676.37 million has been transferred to a wallet that blockchain analytics firm Nansen has associated with 3AC.
Almost all the funds entering the wallet during this period were transferred from Binance, FTX exchange or Coinbase.
Zhu confirmed the transactions earlier today in response to a tweet from Chinese blogger Wu Blockchain, saying that although Ethereum’s layer one is still “unusable for newcomers,” he’d still “bid hard on any panic dump like this weekend.”
The wallet shows 3AC made the majority of its purchases during the weekend price crash.
When the anti-ETH tweets emerged, many Twitter users believed he was trying to pump rival project Avalanche (AVAX), which 3AC has invested in. In response to a user asking if the ETH purchases meant he’d dumped his AVAX holdings for ETH, he said that he has “never sold AVAX” and simply “bought this ETH from whoever was financially illiterate enough to sell this weekend.”
In early November, Three Arrows Capital was announced as an investor in Blizzard, a fund to promote the development of AVAX. Following Zhu’s initial tweets, AVAX pushed out Dogecoin (DOGE) from its spot as the 10th-largest crypto by market capitalization. Zhu tweeted a graph of AVAX’s growth captioned “top 10” in the hours before his U-turn.
At 23:34 UTC on Tuesday, 93,791.894 ETH was moved from the wallet belonging to 3AC to an address that appears to belong to a major trader. Smaller amounts have been moved to other addresses, including 500 ETH moved to an apparent NFT investment wallet.
https://cointelegraph.com/news/three-arrows-buys-156k-eth-in-the-weeks-after-ceo-abandoned-eth
Please define "actual money". You think dollar bills are "money"?
FX Empire
Ethereum Price Prediction – Bulls Eye $4,500. A Breakout from $4,250 Key, however
Bob Mason
Mon, December 6, 2021, 7:54 AM
Ethereum Morning Session
At the time of writing, Ethereum was down by 3.02% to $4,076.
Vitalik Buterin outlines ‘endgame’ roadmap for ETH 2.0 https://cointelegraph.com/news/vitalik-buterin-outlines-endgame-roadmap-for-eth-2-0 via @Cointelegraph $ETH $ETHE Premium World Computer Ethereum MainNet GOLD Bulls! Shout Out UniBright Baseline Protocol $UBT ALT season
We see youre a amateur. Lol
Vitalik Buterin outlines ‘endgame’ roadmap for ETH 2.0
December 06 2021 - 11:15AM
Cointelegraph
The Eth2 launch process began in November 2020. The network’s switch to proof-of-stake is expected to make ETH a deflationary asset.
https://ih.advfn.com/stock-market/COIN/BTCUSD/crypto-news/86736325/vitalik-buterin-outlines-endgame-roadmap-for-e
SAM BOURGI
2 HOURS AGO
Vitalik Buterin outlines ‘endgame’ roadmap for ETH 2.0
The Eth2 launch process began in November 2020. The network’s switch to proof-of-stake is expected to make ETH a deflationary asset.
Ethereum co-founder Vitalik Buterin has outlined his vision for a “plausible roadmap” for Eth2, presenting a future where the largest smart-contract platform can increase its scalability while meeting high standards for trustlessness and censorship resistance.
In a Monday post titled “Endgame,” Buterin presented a thought experiment for how the average big blockchain — defined by very high block frequency, high block size and thousands of transactions per second — can still be considered sufficiently trustless and censorship-resistant. The obvious trade-off for this level of scalability is the centralization of block production. Buterin’s solutions, as presented in the blog post, do not address the centralization issue, but still provide a roadmap for implementation.
With respect to the solutions, Buterin suggested “a second tier of staking, with low resource requirements,” to carry out distributed block validation; “introduce either fraud-proof or ZK-SNARKS to let users directly (and cheaply) check block validity” directly; and “introduce data availability sampling to let users check block availability [and] add secondary transaction channels to prevent censorship.”
With these updates, “We get a chain where block production is still centralized, but block validation is trustless and highly decentralized, and specialized anti-censorship magic prevents the block producers from censoring,” Buterin explained.
Related: Vitalik Buterin proposes calldata limit per block to lower ETH gas costs
Buterin said block production would remain centralized even with the implementation of so-called “rollups,” which are layer-two solutions that execute transactions outside of the main Ethereum chain. (Interestingly, Buterin presented a rollup-centric roadmap for Ethereum in October 2020).
“No single rollup succeeds at holding anywhere close to the majority of Ethereum activity. Instead, they all top out at a few hundred transactions per second,” he said. While it may appear that rollups could contribute to distributed block production, decentralization may not last because of the possibility of cross-domain maximal extractable revenue, or MEV. As the name implies MEV refers to the maximum amount of value that can be earned from block production in excess of standard block rewards and gas fees.
The Ethereum co-founder concluded that there’s a high probability that block production will end up centralized regardless of the path to scalability that the network takes. The benefit of Ethereum’s rollup-centric roadmap is that it’s open to all futures, he said.
Excitement surrounding Ethereum has been building since November 2020 when the protocol first embarked on its long transition to proof-of-stake. The highly anticipated London hard fork, which puts ETH on track to become a deflationary asset, was implemented in August of this year. The hard fork introduced EIP-1559, which aims to reform the network’s fee market. As Cointelegraph reported, over 1 million ETH has already been burned since the EIP-1559 came into effect.
https://cointelegraph.com/news/vitalik-buterin-outlines-endgame-roadmap-for-eth-2-0
Tell that to the feds who keep printing paper money. Both useless
Ethereum will continue to crash to darn near worthlessness
'Tether' is rapidly printing billions of tether (USDT) supply. Fake.
None of this scam is backed by any actual money.
GET OUT WHILE YOU STILL CAN
Is That You Cathie! $ETHE Add More $ETH Premium ALT season Cosmos!
$ETHE @39.66 RSI 7! A Big Volume Spike MoMo INTL 250 @39.60 and anything lower would be another Screaming Buy… @50 @55 @73.50 on the Ask Level 2 Add More $ETH Premium MainNet Bulls! Shout Out Unibright and Baseline Protocol $UBT ALT season’ing!
The Coinbase Notifications Are Hilarious Ethereum Is Down Ha! $ETH $ETHE Premium World Computer GOLD And It’s still a Bull Run! 2021
Agreed… It’s been one year of a Bull Run, I don’t really expect much more unless we get that etf or Cathie does something with Tesla which it seems she is as it’s only 10% of her holdings now, perhaps she is buying more of ethe gbtc now or plans to soon, I can’t complain since the Ethereum split it’s gone up slow and steady and I still haven’t sold, I will when she does though
Don't aspect anything till AFTER the holiday's.
I expect Grayscale to get the etf soon for that and can’t wait!
Bitcoin almost done with the consolidation
$UBT The Baseline - Wednesday December 1 2021 Noon US Eastern Baseline Protocol UniBright UBT SEALS! Community #Online ENTERPRiSE ETHEREUM MainNet https://baseline-protocol.org Open Source $ETH $ETHE Premium Pattern GOLD Baseliners
Agreed, the dominance from Bitty is looking good for the Ethereum “Flippening” again! HaHa Perhaps we get the same play into the eoy/new year for the alts too, this time we have more adoption and Cathie Wood is in, so we’ll see what she does with Tesla as well
Another Epic Fail...
Looks bullish
$ETHE RSI 18! MoMo CDEL On The Bid Big Volume Spike! Add More $ETH Premium World Computer GOLD Bulls Shout Out to UniBright Baseline Protocol and Chico Crypto! Ethereum MainNet To Da MOON! ALT season
Eth2 devs put out call to community to help test out the Merge https://cointelegraph.com/news/eth2-devs-put-out-call-to-community-to-help-test-out-the-merge via @Cointelegraph @Grayscale Go Grayscale! Premium ALT season 2021! $ETH $ETHE
ETH 2.0 could bring 50K-100K tps lower gas fees and that burn rate is getting really impressive'
yup
emit...
Sold your mining rigs too early?
Lol going up like nuts now rookie
It is for sure the next best thing. U r simply buying software like a Microsoft when investing in ether
Damn. New world order is real. People complaining means, ethereum is the next DOT COM BOOM. CHEERS
'Eth' and all cryptos. GET OUT WHILE YOU STILL CAN.
Thank me later. This virus mutation will wipe out people's usage for this scam of an asset class. The show is over. protect yourselves.
ALL THE MONEY IN THE WORLD HAS BEEN MADE IN THIS JOKE. SELL WHILE IT STILL HAS ANY VALUE
I believe that SHIB has been good for ETH's business and price, please read below:
Ethereum Tests All-Time High as On-Chain Activity Grows, SHIB Burns ETH
Fredrik Vold
The price of ethereum (ETH) briefly touched a new all-time high on Friday, with key on-chain metrics growing faster than competitors over the past month. Meanwhile, the current meme coin craze is also contributing to ETH’s value proposition, with shiba inu (SHIB) now consuming more gas than even major stablecoins.
At 11:13 UTC, ETH was still up almost 5% over the past 24 hours to trade at USD 4,335, after earlier today briefly reaching north of the 4,400 mark for the first time ever.
The new all-time high (USD 4,416, per Coingecko) came as on-chain data compiled by Kraken Intelligence showed that the number of active Ethereum addresses has grown 5.8% since last month. The growth for Ethereum came as the other smart contract platforms Cardano (ADA) and Polkadot (DOT) saw a decline in the number of active addresses on their platforms of 8.9% and 3.3%, respectively. Meanwhile, Bitcoin (BTC) outperformed them all with a 9.7% growth.
Similarly, the number of transactions made over the Ethereum network also grew since last month, with an increase of 2.3% (the monthly average number of transactions - 1.2m). That compares to a growth in the number of transactions of just 1.5% for Polkadot, and a decline of 9.5% for Cardano. BTC saw an increase of almost 9% (to 272,000 transactions).
Not surprisingly, new highs for ETH also excited investors. Right around the same time as ETH hit its all-time high, the founder & CEO of Real Vision, Raoul Pal, said that he is “more than irresponsibly long ETH right now.”
“I now have leverage but via calls. This is by far and away the biggest personal position of my entire life by a factor of 10 (or more),” Pal said, adding in his timeframe for when he expects the major moves in ETH to be seen:
“My view horizon for this part of the trade is 6 to 9 months.”
However, as reported, per CoinShares data, last week, ETH saw investment outflows for a 3rd consecutive week. The firm said they believe it "is minor profit-taking as the price closes-in on all-time highs." At the same time, BTC saw 99% of all inflows totaling USD 1.45bn last week after BTC futures ETFs debuted last week in the US.
Meanwhile, it’s also worth noting that the rising price for ETH has coincided with the recent craze surrounding shiba inu, dogecoin (DOGE), and other meme coins, with the former being an Ethereum-based ERC-20 token.
As a result of this, all transactions made with Ethereum-powered SHIB also contributes to the burning of ETH tokens, which in theory should help push up its price. At press time on Friday, the SHIB token ranked as the 7th largest ETH destroyer, even ahead of the major stablecoin USDC and just below the popular wallet MetaMask’s Swap Router, blockchain data showed.
Token burning on Ethereum was introduced with the EIP-1559 upgrade on August 5 this year, with an aim to make ETH less inflationary than it was before. Since activation, ETH 671,259 (USD 2.9bn) have been burned, making up more than half of the new tokens issued over the same period, according to data from WatchtheBurn.com.
Meanwhile, as reported, the Altair hard fork, the first mainnet upgrade to Ethereum's beacon chain, went live this past Wednesday. The update is considered a "low stakes warm-up" to the upcoming Merge, when the current Ethereum mainnet, which is secured by a proof-of-work (PoW) consensus mechanism, "merges" with the beacon chain proof-of-stake (PoS) system.
https://cryptonews.com/news/ethereum-tests-all-time-high-as-on-chain-activity-grows-shib-burns-eth.htm
Sooo weird those are my two top holdings
One million $ETH worth have been burned since the implementation of EIP-1559 in August https://cointelegraph.com/news/one-million-eth-worth-have-been-burned-since-the-implementation-of-eip-1559-in-august via @Cointelegraph @Grayscale Premium GOLD Ethereum Go Grayscale! Bulls $ETHE AABB AABBG
Added a little more Crypto @BlockFi $ETH BiA BiA! $ETHE Premium World Computer GOLD Bulls!
$ETHE RSI 8-15 Massive Volume Spikes Hey Cathie! Ark Go Flippers! Add More $ETH World Computer Low Volume Bid’$ and MoMo @55 On the Ask Deck Level 2
Bought more ETH / SOL
Both be 4* what is now next year'
e
@Grayscale Ethereum Trust And Go Grayscale! Ethereum Classic Trust: Comparing Potential In Light Of DeFi $ETHE $ETH $ETCG $ETC Premium World Computer! Code Is Law Coleslaw! https://seekingalpha.com/article/4470095-grayscale-ethereum-trust-and-grayscale-ethereum-classic-trust-comparison?source=copyToPasteboard
$ETHE $ETH Premium World Computer! https://decrypt.co/86163/institutional-grayscale-ethereum-trust-shares-up-19-percent
$ETHE @39.90 That’s RSI 7! On The Dip Huge Volume Spike! I’m DJ Double Top! Add More $ETH Premium World Computer GOLD Bulls! Go Flippers and Longs
ETHUSD: Yes, Ethereum is crashing. And yes, sell it.
Short it with high leverage. And no: ethereum does not have any intrinsic value. Instead, it has negative value in that it serves to enable mining in the crypto space, which accelerates Earth's rapid, global increase in temperatures, thereby leading to a rapid demise of the human species. Sell or short this thing with every dollar you have.
Not only that, but the shift to proof-of-stake (PoS) means that there is no mining infrastructure actually mining it. That said, once that liquidity that is being used to 'stake' it disappears, look out below. Holy moly, it will be a bad collapse.
Good bye crypto bubble.
5000 plus
https://www.thestreet.com/investing/cryptocurrency/how-ethereum-will-get-to-5000-and-above
WHATNOW
Took the words out of my mouth.
meaningless charts
https://www.fxstreet.com/cryptocurrencies/news/ethereum-elliott-wave-analysis-eyes-down-towards-2400-area-202109101044
—And A Bold Ethereum Prediction
A Legendary Billionaire Market-Maker Issued A Serious Bitcoin Price Warning----
read more:
insert-text-here
excerpt:
Bitcoin and Ethereum surge after massive upgrade – follow live https://www.independent.co.uk/life-style/gadgets-and-tech/bitcoin-price-news-live-btc-ethereum-b1957733.html BTC GBTC $ETH $ETHE
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