On June 2, Odaily reported that on-chain analyst Ai Yi detected a significant ETH transfer from a wallet linked to Fenbushi Capital (0xaF3…74446) eight hours prior. The address moved 11,101 ETH, worth approximately $21.94 million at a price of $1,977.24 per ETH, to a deposit address belonging to Amber Group, a global digital asset platform offering prime brokerage services to institutional clients, including trading, custody, and lending.
On-chain data reveals that the address had previously accumulated a large ETH position. Between February and April 2024, it withdrew a total of 33,398 ETH from Binance at an average price of $3,039.36, resulting in a total cost of roughly $101 million. If the recently transferred 11,101 ETH were sold at the current price, the loss per ETH would amount to around $1,062.12, leading to a total realized loss of approximately $11.79 million. The address still holds about 22,297 ETH, which are also in unrealized loss based on prevailing market levels.
Fenbushi Capital, founded in 2015, is one of the earliest venture capital firms focused on blockchain technology. Its portfolio includes early investments in Ethereum and numerous other notable projects, giving it significant influence within the industry.