Erik Voorhees, a prominent figure in the cryptocurrency industry, has reportedly made a significant purchase of Ethereum recently. According to on-chain analysis, as the CEO of ShapeShift, Voorhees' purchase of Ethereum is valued at over $56 million.
Data shared by blockchain analytics platform Lookonchain indicates that Voorhees spent 49.08 million Tether through two different wallets on Sunday, acquiring approximately 23,393 ETH. This transaction data has also been confirmed by data provider Arkham Intelligence.
Lookonchain's report notes that after completing the transaction, one of the wallets continued to purchase Ethereum and converted millions of USDT into ETH. Following these additional purchases, the total Ethereum holdings of the two wallets reached 24,968 ETH, worth about $56.5 million.
According to Arkham's data, one of the wallets currently holds approximately 4.44 million USDT and $8.64 million worth of Aave-based ETH. The other wallet utilized most of its USDT balance during the Ethereum purchase.
Analysts point out that Voorhees' return to the Ethereum purchasing market after nearly a year is noteworthy. Lookonchain also reported that early Ethereum user and Intuition Protocol CEO Billy Luedtke purchased about 7,769 ETH on Sunday.
Market data shows that at the time of writing, Ethereum's trading price is around $2,265, having risen over 7% in the past 24 hours. Experts suggest that the return of large investors to the market may indicate their continued long-term confidence in Ethereum.