Whale Spends $24,700,000 on Ethereum Altcoins After SEC Approves Listing of Spot ETH ETF: On-Chain Data

A Crypto Whale Accumulates Altcoins Following Ethereum ETF Approval

A significant crypto whale was identified over the weekend acquiring substantial quantities of altcoins within the Ethereum ecosystem. This activity followed the U.S. Securities and Exchange Commission's (SEC) approval of spot exchange-traded funds (ETFs) for ETH.

Whale Purchases Ethereum and Altcoins

Blockchain tracking firm Lookonchain first reported the whale's activity. Prior to the announcement of a potential ETH ETF approval, the whale acquired Ethereum just above the $3,000 threshold through multiple wallets.

Following the SEC's approval of the ETFs, the whale initiated the accumulation of Ethereum-based altcoins, including Lido (LDO), Uniswap (UNI), Aave (AAVE), Ethereum Name Service (ENS), and Fraxshare (FXS).

"Before the ETH ETFs news, a whale spent 26.67 million USDT to buy 8,733 ETH at $3,054.56 and has an unrealized profit of ~$6 million.

After the SEC approved form 19b-4 for ETH ETFs, the whale bought $24.7 million worth of Ethereum ecosystem tokens and has an unrealized profit of ~$1.1 million.

He deposited 19.75 million USDT to Binance and withdrew 4.04 million LDO ($9.3 million), 684,364 UNI ($6.7 million), 52,623 AAVE ($5.4 million), 82,041 ENS ($2 million), and 250,969 FXS ($1.25 million) from Binance."

Whale Rotates Holdings on Solana Network

Lookonchain also observed a whale on the Solana (SOL) network shifting their core holdings toward riskier assets, specifically Dogecoin (DOGE) rival dogwifhat (WIF).

"A whale spent 17,966 SOL ($2.98 million) to buy 953,177 WIF at $3.13 in the past 5 hours, causing the price of WIF to increase by ~7%.

This whale previously spent 1 million USDC to buy 355,417 WIF at $2.81 on May 21st and then sold it at $3.07 for 1.09 million USDC on May 22, making $90,000."

As of the time of writing, WIF is trading at $2.99.

Source: https://thebittimes.com/whale-spends-24-700-000-on-ethereum-altcoins-after-sec-approves-listing-of-spot-eth-etf-on-chain-data-tbt89970.html