Veteran cryptocurrency advocate and ShapeShift founder Erik Voorhees has made a significant return to Ethereum, repurchasing a major stake in the altcoin roughly one year after liquidating a larger position. According to on-chain data shared by analytics platform Lookonchain, Voorhees spent 20.38 million USDC to acquire 9,911 ETH at an average price of approximately $2,057.
This strategic move follows a sale executed about a year prior, where Voorhees sold 11,616 ETH for roughly $33.94 million when Ethereum was trading near $2,922. The recent buyback effectively allows him to reaccumulate a substantial position at a price roughly 30% lower than his previous exit point, suggesting a tactical approach to market timing and portfolio management.
The transaction marks a notable comeback to Ethereum for Voorhees, a long-standing figure in crypto known initially as a vocal Bitcoin proponent who championed BTC as "digital gold." His recent activity extends beyond Ethereum, revealing a broader diversification strategy. On-chain data indicates he also allocated around $6.8 million in USDC to purchase 1,382 ounces of PAXG (a tokenized gold asset), hedging against market volatility with traditional safe-haven assets.
Market observers suggest that a prominent figure like Voorhees reopening a major ETH position could be interpreted as a positive signal for Ethereum's medium- to long-term outlook, reflecting renewed confidence despite recent price volatility and macroeconomic uncertainty. However, analysts caution that individual large trades are not definitive market indicators, emphasizing that broader macroeconomic developments and overall market liquidity remain primary price drivers.
