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- Erik Voorhees accumulates nearly $56 million worth of Ethereum through wallets
- Lookonchain data reveals major ETH purchases funded through large USDT swaps
- Crypto industry figures expand Ethereum holdings as institutional inflows continue rising
Large Ethereum transactions appeared on the blockchain over the weekend after a prominent crypto entrepreneur returned to the market. The move soon spread out to traders with an on chain tracker showing a wave of massive ETH buys.
On chain surveillance site Lookonchain claimed that the former ShapeShift CEO Erik Voorhees held a significant Ethereum holdings as two blockchain wallets. Combined purchases were almost $56.5 million in value of ETH. Lookonchain told that the transactions have occurred on Sunday and that they were based on the reserves of stablecoins. The wallets had purchased approximately 49.08 million USDT of Ethereum in multiple successive swaps.
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Stablecoin Swaps Reveal Early Stage of the Ethereum Purchases
The data on initial blockchains demonstrated that the initial set of transactions resulted in about 23,393 ETH. But further wallet action was to be seen soon after the first purchases were made. This resulted in additional stablecoin swaps, which made the size of the Ethereum position bigger in the same trading period. The overall holdings were later on raised to approximately 24,968 ETH, as a result of combined activity between the two wallets.
Those holdings have an approximate value of over $56.5 million at current market prices. The exchanges thus are among the bigger individual Ethereum hoards reported over the weekend trading day. The data in the blockchain of Arkhkham also offered an idea of the rest balances in the wallet cluster related to the purchases. One of the addresses that can be referred to as 0x3e6…Ef2f7 contains a balance of about $4.44 million of the USDT.
Moreover, that wallet holds an approximate of 8.64 million AETHUSDT tokens connected to the Aave lending ecosystem. Those tokens mean an exposure to Ethereum based on decentralized financial infrastructure. At the same time, the second wallet coin 0x431…10c91 spent almost all its stablecoin reserves on ETH. As a result, the balance in the wallet in USDT was reduced to nothing following the transactions.
It is worthy to mention that blockchain records indicate that Voorhees cut his Ethereum exposure about one year ago. He sold approximately 12,886 ETH by then when the asset was trading at approximately $3,324.
Broader Ethereum Accumulation Emerges Among Industry Participants
Notably, other crypto industry players also increased their Ethereum positions in the same time. Lookonchain claims that 7,769 ETH were bought by the CEO of Intuition Protocol, Billy Luedtke, in on chain transactions that happened on Sunday. In addition to the personal purchases, institutional demand toward Ethereum in terms of investment products only keeps growing. According to recent market information, about $160.8 million of net inflows was registered in spot Ethereum exchange traded funds every week.
Furthermore, the diversification of precious metals, which were also tokenized, was also undertaken by Voorhees during the same week. It is reported that he made purchases in the value of about 23.7 million tokenized gold assets. The acquisitions were XAUT and PAXG, which were blockchain-based tokens pegged to physical gold reserves that were held in custody.
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