What’s beautiful and kind of spooky about DeFi is that the whole nine yards are on-chain. If you know someone’s address, you can track their investments and their other interactions with the Ethereum ecosystem.
Because you can time announcements of investments with transactions, it becomes somewhat trivial to link addresses and funds, and investors in the space.
I was observing Three Arrows Capital’s primary address last night and noticed that on the dip, the crypto fund accumulated a large amount of LINK.
Three Arrows Capital acquires a mass amount of LINK.
Three Arrows Capital is by far one of the most significant funds in the space: they hold hundreds of millions worth of Grayscale Bitcoin Trust shares, hold a large chunk of the likely multi-billion-dollar-exchange Deribit, and have countless other investments in the space.
They’re big Chainlink (LINK) holders, too.
Last night, when Bitcoin flash crashed by approximately $1,000 in a minute, giant bids were put up across all cryptocurrencies.
For instance, LINK fell from $14.00 to $12.50 in that frame of time but bounced quickly back toward pre-crash levels.
Bidding the dip, seemingly, was Three Arrows Capital.
Minutes after the dip took place; the firm received 351,147 LINK from an address that received a Binance withdrawal. Around fifty minutes later, another 400,000 LINK was received for a total of 751,147 LINK, valued around $10,100,000. You can see the transactions below.
Su Zhu, CIO, and CEO of Three Arrows Capital, liked the tweet I shared about the transactions.
Was that a confirmation?
Three Arrows Capital is far from the only fund that is accumulating a large amount of Ethereum-based coins.
As of this article’s writing, Three Arrows Capital holds approximately $14 million LINK on that one address, currently being lent to Aave. The collateral is subsequently being used to borrow stablecoins.
Jump Trading, a massive proprietary trading firm based in Chicago, has over $18.5 million worth of Ethereum, along with millions in Serum, Compound, Keep Network, and HXRO. The firm also has assorted investments in Numeraire, Orchid, Maker, and Huobi Token.
As they are market makers, it is unclear what this means for the investments they are making. Though, it appears that the investments in SRM, Keep Network, and some of the other coins are longer-term plays as opposed to hedges.
Polychain Capital has also been going big on Yearn. finance (YFI), as we’ve covered previously. The firm owns approximately two percent of all of the coin in circulation.
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