Erik Voorhees, the founder of ShapeShift and a well-known figure in the cryptocurrency industry, has resumed his significant investment in Ethereum after a year-long hiatus. Recently, on a Sunday, he acquired approximately 23,393 ETH for close to $49 million. With this purchase, he continues to hold in excess of 35 million USDT, indicating his readiness to make further investments in Ethereum as market conditions permit.
Earlier this year, Voorhees re-entered the Ethereum market after divesting 12,886 ETH at a price exceeding $3,300 per ETH. This recent buying spree sees him actively reclaiming Ethereum at a price point of around $2,098, utilizing two separate wallets for these transactions. The wallets tied to these activities have been flagged as belonging to Voorhees by Arkham Intelligence, although he has not publicly confirmed this information.
The timing of these transactions coincides with a positive trend in the cryptocurrency market, as Ethereum's value surpassed $2,200 in a 24-hour window, marking a notable 7% increase. This surge is part of a broader market rally that increased the overall market capitalization by around 3% to reach $2.5 trillion, with Bitcoin also experiencing gains of 2.5%, climbing back to $73,500.