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Early Coinbase Investor Announces Start of Coin Hoarding, Joins Ranks of Ethereum Whales

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Early Coinbase Investor Announces Start of Coin Hoarding, Joins Ranks of Ethereum Whales

After experiencing a period of decline, Ethereum (ETH) saw a significant rebound over the weekend, reaching as high as $245 on Saturday, its highest price since early March. An early investor in Coinbase publicly announced over the weekend that they have started accumulating Ethereum in preparation for long-term investment.

TurtleCoin Mode Reactivated

Venture capitalist Garry Tan is an early investor in the cryptocurrency exchange Coinbase. His Initialized Capital, co-founded with Reddit's Alexis Ohanian, manages over $500 million in assets, and the startups they have invested in have created over $36 billion in market value in the past 8 years. According to Tan himself, he also holds some Bitcoin, with his first one being gifted to him by Coinbase's co-founder Brian Armstrong. However, as of yesterday, we can confirm that in addition to Bitcoin, Garry Tan is now also a holder of Ether.

In a tweet posted yesterday, Garry Tan unexpectedly stated:

"Starting to accumulate $ETH again."

However, Garry Tan later added in the comments that if it's for short-term trading, one can choose to continue waiting as it will drop to a more favorable price. But Garry Tan emphasized that he believes most people are not suited for short-term trading of cryptocurrencies.

Furthermore, this successful venture capitalist also claims that he has been regularly holding Bitcoin. This indicates that from the past to the present, he has always been optimistic about the future development of Bitcoin.

Whales Accumulating Ether

It is currently unclear how much Ether Garry Tan holds or has purchased, but his tweets suggest that large investors have a strong desire to accumulate crypto assets in recent months.In an interview with external media founder Camila Russo onDefiant, Gemini exchange co-founder Cameron Winklevoss admitted that he and his brother hold a considerable amount of Ether:

"We own a lot of Ether. And it's a substantial amount. [...] A few years ago, we collectively made a significant purchase of Ether."

On the other hand, data provided by on-chain data platform Santiment in atweet also indicates that more and more whales are starting to hoard Ether. According to the data provided by the platform, the total holdings in the top 100 Ethereum wallets (by balance size) have reached a new high in the past 10 months, with assets totaling over $4.5 billion.