Erik Voorhees, the early Bitcoin advocate and ShapeShift founder, has resumed aggressive ethereum accumulation after a year of inactivity, deploying $49.08 million in USDT to purchase 23,393 ETH at an average price of $2,098 across two wallets, according to on-chain tracking by Lookonchain.
Voorhees maintains an additional $35.25 million in USDT reserves, signaling his intention to execute further ethereum purchases. The transaction marks a significant re-entry into the ethereum market by one of crypto's most prominent early-stage investors, who has historically maintained substantial exposure to alternative assets beyond Bitcoin.
The buying activity occurs amid ethereum's consolidation phase and reflects institutional and high-net-worth accumulation patterns typically preceding extended bull cycles. Voorhees' return to active ethereum positioning suggests renewed conviction in the asset class among veteran crypto figures who previously scaled back market participation.