The Dramatic Shift: A Tale of Two Tweets
In the wild world of cryptocurrency, where fortunes can change faster than your uncle’s opinion on Bitcoin, Zhu Su, the CEO of Three Arrows Capital (3AC), recently took Twitter by storm. Just a few days after launching a fierce critique of Ethereum, Su flipped the script and began hoarding the digital asset. The question on everyone’s lips is: Is this a change of heart or just savvy market timing?
The Initial Outburst: Criticineum
Between November 20 and November 22, Zhu went on a Twitter rant that left many crypto enthusiasts scratching their heads. In response to a tweet from Synthetix founder Kain Warwick, who highlighted the dangers of profit maximization, Su declared that he had “abandoned Ethereum” despite being a prior supporter. He launched into his argument claiming that the
Ethereum culture suffers from the dreaded “Founders’ Dilemma”—a fancy way of saying that the platform’s innovators seem to have lost their way.
The Backtrack: Lovey-Dovey for ETH
A mere 17 days after his original tirade, Su backpedaled dramatically, claiming he wanted to “soften” his earlier stance, proclaiming his love for Ethereum and its ethos. It’s a classic move in the Twitterverse: say something shockingly contrary just to stir the pot, and then hug it out with the Ethereum community. Go ahead, Zhu, we’ll take a hug!
Shopping Spree During Market Mayhem
While skeptics were still digesting his U-turn, Su’s actions spoke louder than words. Over the course of two weeks, it was reported that 3AC acquired around 156,400 ETH—worth an eye-popping $676 million. Where did all that cash come from? Major exchanges like Binance, FTX, and Coinbase were the generous benefactors. Honestly, can’t a guy buy a dip without raising an eyebrow?
ETH vs. AVAX: A Crypto Rivalry Unraveled
As the Twitter drama unfolded, some critics hinted that Su’s anti-ETH campaign might have been an attempt to bolster the value of his other investment love, Avalanche (AVAX). But Su firmly stated he hadn’t sold any AVAX; rather, he picked up ETH from “whoever was financially illiterate enough to sell this weekend.” Ouch! There’s a punchline in there somewhere—perhaps a lesson in crypto literacy for the masses!
Final Thoughts: Markets and Murmurs
With Ethereum’s layer one still being deemed “unusable for newcomers” by Zhu, who knows what the future holds? Crypto is a game of highs and lows, where today’s foe might be tomorrow’s ally. For now, Zhu continues to ride his rollercoaster of investments, weaving a tale of love, loss, and profitable acquisitions. Will Ethereum ever regain its former glory? Or will Zhu and 3AC continue to manipulate the narrative for their own gain? Let me know what you think, and while you’re at it, keep an eye on your crypto wallets!
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