Key Insights:

  • Bitcoin news on Nov. 14 showed wallets linked to Erik Voorhees spent $97M on 48,647 ETH as the ETH price and BTC price slipped.
  • The tracked addresses still held $78.68M in stablecoins, which signaled room for more buying.
  • The purchases came as ETH fell below $1,900 amid market liquidations and heavy ETF outflows.

Wallets linked to ShapeShift founder Erik Voorhees bought 48,647 Ethereum (ETH) over four days. Lookonchain flagged the spending, which totaled about $97 million, on Nov. 14.

ETH Price Slips Below $1,900 as Voorhees Buys 48,647 ETH

Lookonchain tracked several wallets tied to Voorhees, an early Bitcoin supporter and the founder of ShapeShift. The addresses bought ETH steadily across four days, according to the on-chain data. Lookonchain tracks wallet moves that remain visible on public blockchains.

The wallets paid an average of $1,994 per ETH. That gave the purchases a total value of about $97 million.

Here were the key figures from the Lookonchain data:

  • ETH bought: 48,647 ETH
  • Total spent: about $97M
  • Average price: $1,994 per ETH
  • Time frame: four days
  • Stablecoins left: $78.68M

Spread across four days, that averaged roughly 12,160 ETH per day. The daily spending came to about $24 million.

The ETH price slipped below $1,900 at press time. That placed the average entry more than 4% above the market rate, so the position sat at a paper loss.

At $1,900, the gap equaled about $4.6 million on paper. The math used the 48,647 ETH total and the $1,994 average price. A lower ETH price would widen that figure.

The dip followed a wider pullback in crypto. Liquidations rose across the market, and traders cut risk after a sharp selloff. For more context, read our Ethereum price analysis.

Bitcoin News: $78.68 Million in Stablecoins Still Sat on the Sidelines

The tracked addresses still held about $78.68 million in stablecoins at the time of writing. That equaled roughly 81% of the amount spent on ETH. Stablecoins hold a value close to the US dollar. Holders can swap them for ETH at any time. That made the balance easy to deploy.

Lookonchain pointed to this balance as possible dry powder. The stablecoins could fund more purchases if the ETH price stayed weak.

Voorhees was among the early advocates of Bitcoin. ShapeShift, the platform he founded, let users swap digital assets. His wallet moves often drew attention from market watchers.

No confirmed plan existed, however. Wallet activity showed intent, but it did not fix a price floor. Traders watched whether the buying continued or paused. The data also did not show how the addresses were linked to Voorhees. Lookonchain described them as associated wallets based on its on-chain tracking.

Bitcoin News: BTC Price and ETF Outflows as Voorhees Buys Against the Crowd

Institutions moved in the opposite direction. US spot Ethereum ETFs logged $70.5 million in net outflows in the latest session, according to SoSoValue.

That marked the sixth straight day of net outflows. Weak fund demand added pressure on the ETH price. See our report on spot Ethereum ETF outflows.

Spot Ethereum ETFs give investors ETH exposure through regular brokerage accounts. Net outflows meant more investors redeemed shares than bought them. Redemptions can reduce the ETH held by those funds.

The wallets spent about $24 million per day. That was lower than the $70.5 million fund outflow in the latest session. The ETF figure covered only one session, though.

Bitcoin (BTC) also stayed under pressure. BTC price had dropped below $70,000 during the same selloff, as covered in our report on Bitcoin price falling under $70K.

Traders compared wallet flows with fund flows to gauge sentiment. Wallet buying suggested accumulation, while ETF data suggested caution.

Large-wallet buying amid weak ETF demand drew attention. It showed that some holders accumulated while funds sold. It did not confirm a market bottom.

Wallet data showed only what was visible on the chain. Off-chain holdings and future plans remained unknown.

At press time, traders watched whether ETH could stabilize and whether ETF flows would turn positive. In Bitcoin news, the Voorhees-linked wallets also remained in focus because of the stablecoins they still held.

The post Bitcoin News: OG Erik Voorhees Drops $97M Buying the Ethereum Dip! appeared first on The Coin Republic.