Crypto entrepreneur Erik Voorhees has reportedly purchased more than $56 million worth of Ethereum.
Blockchain data shows that he used about $49 million in stablecoins to buy more than 23,000 ETH through two crypto wallets. Later purchases increased the total to almost 25,000 ETH.
The transactions were made using Tether, which was exchanged for Ethereum on trading platforms.
Interestingly, this purchase comes about one year after Voorhees sold a large amount of Ethereum when the price was around $3,324.
His new purchase may show renewed confidence in Ethereum.
Analysts say there is also growing interest in Ethereum among institutional investors. Recently, spot Ethereum exchange-traded funds (ETFs) received about $160 million in inflows in a single week.
Another well-known Ethereum supporter, Billy Luedtke, CEO of Intuition Protocol, also bought more than 7,700 ETH on the same day.
Large purchases by well-known crypto figures often attract attention in the market because they can show confidence in the future of the asset.
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