Erik Voorhees has returned to the Ethereum market, as on-chain data shows wallets linked to him have purchased tens of thousands of Ethereum worth over $50 million in two separate wallets.
The on-chain analytics platform Lookonchain reported on March 16 that Voorhees, who is a founder of ShapeShift, bought Ethereum after a year break, spent nearly 49.08 million USDT to purchase 23,393 ETH at an average price of $2,098.
Before this, on March 15, the report mentioned that Voorhees had sold around 12,886 ETH, which was worth about $42.83 million at that time; the ETH price was $3,324.
When combining both wallets, Voheers collectively bought 24,968 ETH, worth about $56.16 million. With that, the wallet 0x3e68A... holds around 4.442 million USDT and 8.64 million AETHUSDT (Aave Ethereum USDT), as per Arkham reports. As Voorhees’ accumulation after a gap may be part of a greater wave of institutional investors showing long-term conviction in the cryptocurrency.
Apart from Ethereum, Voheers created 28 new wallets, where he has been heavily investing in gold assets since Jan 31. As per the report, Voheers has spent $23.76M to purchase 2,834 Tether Gold (XAUT) and 2,019 PAX Gold (PAXG).
Aside from Erik Voorhees, Lookonchain also reported on the same day that Billy Luedtke, an early Ethereum user and CEO of Intuition Protocol, purchased 7,769 ETH at an average price of $2,248, so in total, Luedtke spent around $17.26 million.
Ethereum Price Shows Recovery Signs
While writing, Ethereum was up with 7.16% and traded near $2,266 with a 24-hour trading volume that surged over 185%. After a month of prolonged downturn, overall ETH was up over 8.5% over a month, but the coin is down over 54.52% from its all-time high of $4,953.73 on April 2025. With that, the recent buying activity by prominent investors underscores confidence in Ethereum, signalling that the market may be preparing for a potential recovery despite the recent slump.
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