ShapeShift founder Erik Voorhees accumulated about 24,100 ETH worth roughly $49 million over a 48-hour period ending March 16, according to on-chain data highlighted by Lookonchain and described in the provided coverage. The same reporting said the buying was one of the larger individual Ethereum accumulation moves seen this year.
Erik Voorhees(@ErikVoorhees), an early #Bitcoin supporter and founder of ShapeShift, is buying ETH like crazy after a one-year break!
He spent 49.08M $USDT to buy 23,393 $ETH at $2,098 through 2 wallets.
He still holds 35.25M $USDT and may buy more $ETH.… pic.twitter.com/18ifLc8Ghe
— Lookonchain (@lookonchain) March 16, 2026
Voorhees-linked wallets swapped about $49.08 million in USDT for 23,393 ETH at an average price near $2,098 per token, suggesting he was buying into strength rather than waiting for lower levels. It also said the wallets still held around $35.25 million in USDT, leaving room for additional purchases.
What comes next is whether this turns into a broader whale-accumulation signal or remains a high-profile isolated buy. The immediate watchpoint for the market is whether more ETH buying follows from the same wallets and whether other large holders continue positioning around the staking and treasury narrative now building around Ethereum.
Source: Lookonchain (X).
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