ShapeShift CEO Resumes Ethereum Purchases After One-Year Hiatus

Erik Voorhees, the CEO of ShapeShift, has returned to buying Ethereum after taking a break from the cryptocurrency market for over a year.

According to on-chain data, Voorhees recently spent around $49.08 million in Tether's USDT to acquire 23,393 ETH at an average price of $2,098. This purchase was made through two separate wallets on Sunday, indicating a renewed interest in Ethereum from one of the crypto industry's earliest and most prominent figures.

The total value of his Ethereum holdings now exceeds $57 million, with $35.25 million in USDT still reserved for potential future purchases. Notably, another wallet associated with Voorhees has also acquired additional ETH using this reserve, further increasing his overall holdings.

This development is part of a broader trend of institutional investors showing renewed long-term confidence in Ethereum. The growing interest is reflected in rising inflows into U.S.-listed spot Ethereum exchange-traded funds (ETFs), which drew $160.8 million in net inflows last week.