Erik Voorhees Buys 23K ETH Worth $49M After One-Year Break

Highlights:

• Erik Voorhees has acquired 23K ETH tokens, valued at about $49 million. 
• The crypto investor paid an average of $2,098 per Ethereum token. 
• Voorhees now holds over 24K ETH, valued at roughly $56.58 million, across two wallets. 

Erik Voorhees, an early Bitcoin (BTC) supporter and the founder of ShapeShift, has resumed Ethereum (ETH) accumulations after a year of dormancy. According to the crypto transactions tracker Lookonchain, the crypto investor spent $49.08 million in USDT in his latest ETH purchase through two wallets. The investment capital was enough to acquire 23,393 ETH at an average cost of $2,098 per token. 

Lookonchain added that Voorhees still holds roughly $35.2 million in USDT, which could be used to purchase more ETH tokens. In an earlier X post, the crypto transaction tracker reported that Voorhees sold 12,886 ETH worth $42.83 million at $3,324 per token a year ago. However, he resumed his buying spree about a week ago. The crypto investor initially purchased 8,576 ETH, worth $17.75 million at an average cost of $2,069 per token within five days. 

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

ETH Remains the Most Dominant Asset in Voorhees’s Wallets

In one of his wallets, Voorhees holds crypto assets valued at approximately $28.8 million. In this wallet, the crypto investor holds 12,717 ETH valued at $28.8 million at $2,265 per ETH token. Voorhees’ second wallet contains $40.86 million worth of crypto assets. The most dominant asset in this second wallet is also Ethereum. The crypto investor holds 12,251 ETH valued at $27.78 million in this wallet. 

Other assets in this second address include AETHUSDT, USDT, and USEU. Aside from Ethereum, Voorhees is investing heavily in gold. On 15 March, the cryptocurrency transactions tracker reported that the ShapeShift founder resumed gold accumulation after a one-month break.

Lookonchain added: 

“Since Jan 31, he created 28 new wallets, then spent $23.76 million to buy 2,834 XAUT ($13.78 million) and 2,019 PAXG ($9.97 million) at an average price of $4,896. He is now up $513K.”

ETH Accumulations Spike as Erik Voorhees Acquires 23K Ethereum Tokens

Aside from Erik Voorhees, Lookonchain reported that other investors are currently accumulating Ethereum. In a separate tweet, the on-chain transactions tracker reported that a newly created wallet, labelled 0x352a, had withdrawn 20,000 ETH, valued at about $44.83 million from Coinbase. 

A newly created wallet 0x352a just withdrew 20,000 $ETH($44.83M) from #Coinbase.https://t.co/lxzDCmCBeq pic.twitter.com/g7lnLjOSFS

— Lookonchain (@lookonchain) March 16, 2026

In another X post, Lookonchain reported that Early Ethereum builder billΞ.eth is also accumulating ETH. “Wallet 0xf792, linked to billΞ.eth, spent $17.46M to buy 7,769 $ETH at an average price of $2,248 in the past 2 hours,” the on-chain tracker tweeted.

Elsewhere, a whale investor has been accumulating Ethereum. Lookonchain noted that this large investor spent $3.79 million to acquire 1,827 ETH in one of its most recent purchases. Within four days, the whale has purchased 11,985 ETH worth $24.79 million at an average cost of $2,068 per token. 

Tom Lee’s  BitMine Immersion Technologies, the company with the largest Ethereum treasury, has continued to accumulate ETH even during the token’s dip. On March 14, the Ethereum Foundation sold 5,000 ETH worth $10.38 million to BitMine at $2,042.96 per token via an over-the-counter transaction. The company currently holds over 4.5 million ETH worth around $9 billion. 

The #EthereumFoundation sold 5,000 $ETH ($10.38M) to Tom Lee(@fundstrat)'s #Bitmine at $2,042.96 via OTC.https://t.co/3V40uW89I4https://t.co/toGxa1j6Ve pic.twitter.com/mGbVR4JQiO

— Lookonchain (@lookonchain) March 14, 2026

Crypto Market Rebounds as ETH Records Significant Spikes

At the time of writing, the crypto market is worth $2.593 trillion following a 3.9% upswing in the past 24 hours. On its part, Ethereum is up 7.4% and changing hands at roughly $2,264. ETH has a market cap of $275.5 billion and a 24-hour trading volume of $24.13 billion. Over the past week, month, and year, ETH has spiked by 12.7%, 10.5%, and 17.5%, respectively. Despite this impressive price movement, Ethereum’s “Fear & Greed Index” continues to point towards “Extreme Fear” at 15, as sentiment remains bearish.