There has been activity in the accounts of Bitcoin and altcoin hedge fund Three Arrows Capital (3AC). According to the data, a large amount of Ethereum was transferred from accounts known to belong to Three Arrows Capital. Here are the details…
Three Arrows Capital transfers 10,000 Ethereum
An address on blockchain explorer OkLink, known to be owned by Three Arrows Capital, has moved a large amount of coins, including Ethereum (ETH) and Tether (USDT), to centralized exchanges such as Binance and OKX. 1.6 million USDT was transferred to exchanges, while 10,035 Ethereum was transferred. Currently, 3AC has 11,738 Ethereum left. It is also worth noting that various tokens of 2 million dollars are also in the wallet. We will discuss other tokens in the wallet towards the end of the article.
So, why did they need this transfer? There is a prominent argument about this issue: Operational expenses. As we reported on Kriptokoin.com, the price of Bitcoin dropped below $20,000 more than a month ago. Then Three Arrows Capital took a critical hit. For this, the fund went through a bankruptcy and liquidation process. To meet operational expenses and go through the liquidation process, the fund may need to increase the liquidity of its portfolio and assets.
At this time, no jurisdiction in the world has yet placed any limits on 3AC’s funds. On June 29, the order to liquidate Three Arrows Capital was made by a British Virgin Islands-based court. For now, the fund is actively selling its holdings with only 1,710 ETH in the aforementioned wallet.
3AC’s altcoin assets
As we have also reported as Kriptokoin.com, the main investments of Three Arrows Capital consist of many coins. Chief among these is Ethereum, which is the second largest cryptocurrency by market capitalization. Next comes Near Protocol (NEAR), Avalanche (AVAX). AVAX and NEAR are followed by Polkadot (DOT), followed by UNI, the management token of decentralized exchange Uniswap. Next comes Aave (AAVE), Compound (COMP), Synthetix Network (SNX), yearn.finance (YFI), tokens of popular DeFi platforms.
On the other hand, Balancer (BAL), Woo Network (WOO), Hxro (HXRO), PERpetual Protocol (PERP), DODO (DODO), KeeperDAO (ROOK), mStable Governance Token (MTA), dHedge (DHT) and Kyber Network (KNC) ); It is included in the portfolio of the once largest fund. It is worth noting that these data are based on the Messari list. In the current situation, the most ETH sales attract attention. Three Arrows Capital used to be known to manage more than $18 billion in funds. Currently, it has filed for bankruptcy due to massive liquidations in June.
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