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Limited-time offer: Discounts starting at 10%! Three Arrows Capital acquired a total of over $10 million worth of LINK tokens at a low price from Binance yesterday.

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Limited-time offer: Discounts starting at 10%! Three Arrows Capital acquired a total of over $10 million worth of LINK tokens at a low price from Binance yesterday.

The price of Bitcoin plummeted by over 1,000 points in a short period yesterday, causing a sudden crash that led to a nearly 10% collapse in the prices of altcoins. On-chain data shows that "Three Arrows Capital" acquired 751,147 LINK at a low price during this market downturn.

Sudden Plunge

Yesterday, Bitcoin surged to $18,480 before quickly plummeting, retracting about 6.9% in a short period of time. With the leading cryptocurrency experiencing such drastic price changes, altcoins naturally followed suit, with most coins dropping nearly 10% or more. However, as Bitcoin stabilized and rebounded, altcoins also recovered from their losses.

Interestingly, the sudden plunge led to many liquidated contracts, but also presented buying opportunities for some. One of the notable players taking advantage of the dip was the prominent cryptocurrency venture fund from Singapore, "Three Arrows Capital," which acquired a large number of low-priced chips during this market volatility.

Three Arrows Capital Buys LINK at a Low Price

Three Arrows Capital is one of the largest funds in the cryptocurrency market, involved in early-stage investments in startups, market-making, arbitrage, and holding shares in Grayscale Bitcoin Trust worth hundreds of millions of dollars, as well as a stake in the cryptocurrency derivatives exchange Deribit.

As a successful investment firm, the company's every move naturally garners attention from the community. According to analysis by Cryptoslate analyst Nick Chong, Three Arrows Capital took advantage of the market volatility yesterday by purchasing a batch of Chainlink (LINK) tokens on the Binance exchange. During that period, LINK dropped from $14 to $12.5 but quickly rebounded to levels before the crash. Nick Chong stated in the report:

"Minutes after the drop, the company received 351,147 LINK from an address that received a withdrawal from Binance. About fifty minutes later, they received another 400,000 LINK, totaling 751,147 LINK."

However, some netizens questioned how to confirm that the address belongs to Three Arrows Capital. Nick Chong expressed that the address holds a significant amount of capital and has minted large amounts of Wrapped Bitcoin (WBTC). According to publicly available market information, entities that have minted such large amounts of WBTC are either Alameda Research or Three Arrows Capital. In addition, Su Zhu, the CEO of Three Arrows Capital, also liked the tweet, seemingly tacitly agreeing with Nick Chong's viewpoint.

As of writing this article, Three Arrows Capital has transferred all LINK to the decentralized lending platform Aave as collateral and borrowed stablecoins.

Wall Street Proprietary Traders Also Accumulating Coins

According to previous reports, the Ethereum-focused data analytics company Nansen identified the wallet address of the Wall Street legendary proprietary trading firm Jump Trading through market news and on-chain data.

Data from the wallet address shows that Jump Trading holds at least $75 million worth of cryptocurrencies, including Ethereum (ETH), Compound (COMP), Keep Network (KEEP), HXRO, Numeraire (NMR), Orchid Protocol (OXT), Maker (MKR), HuobiToken (HT), Chainlink (LINK), and Band Protocol (Band). Moreover, the address has recently received continuous inflows of COMP tokens from exchanges like Binance and Huobi.

Additionally, according to information released by Alameda Research, Jump Trading is also an early investor in their decentralized exchange Serum, holding over 40 million SRM tokens in the wallet, valued at approximately $32 million. On the other hand, many market participants speculate that given the company's focus on the cryptocurrency market, they may also hold a significant amount of undisclosed Bitcoin.