Crypto whales were spotted buying up large amounts of altcoins from the Ethereum ecosystem over the weekend, following the U.S. Securities and Exchange Commission's (SEC) approval of the listing of an ETH exchange-traded fund (ETF).
As first reported by blockchain tracking firm Lookonchain, a whale with a series of wallets bought Ethereum just above $3,000 shortly before news of a possible ETH ETF approval surfaced.
Shortly after the ETF received approval from the SEC, whales began buying up Ethereum-based altcoins such as Lido (LDO), Uniswap (UNI), Aave (AAVE), Ethereum Name Service (ENS), and Fraxshare (FXS).
“Prior to the ETH ETF news, one whale spent 26.67 million USDT to buy 8,733 ETH at $3,054.56, making an unrealized profit of roughly $6 million.
After the SEC approved the ETH ETF's Form 19b-4, the whale purchased $24.7 million worth of Ethereum ecosystem tokens, netting him an unrealized profit of about $1.1 million.
He deposited 19.75 million USDT into 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.
Lookonchain also found that whales on the Solana (SOL) network are rotating their core holdings further out on the risk curve, choosing Dogecoin (DOGE) rival dogwifhat (WIF).
“In the past 5 hours, one whale spent 17,966 SOL ($2.98 million) to buy 953,177 WIF at $3.13, causing the price of WIF to rise by roughly 7%.
This whale previously spent $1 million USDC to buy 355,417 WIF for $2.81 on May 21, then sold it for $1.09 million USDC for $3.07 on May 22, making $90,000.”
At the time of writing, WIF is trading at $2.99.
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