While the SEC is expected to approve spot Ethereum ETFs, it is wondered whether the rally in ETH will continue.
At this point, while analysts expect the rise in ETH price to continue after a possible approval, a prediction also came from Singapore-based company QCP Capital.
Analysts at QCP Capital said the approval of ETH ETFs could lead to a rise in ETH price of up to 60% in the next few months.
Stating that this prediction was based on the increase in BTC price after the spot Bitcoin ETF approval in January, analysts argued that if the situation in BTC ETFs occurs, the ETH price could increase by up to 60%.
Finally, analysts warned investors by stating that they expected high volatility.
First Ethereum Investor Purchased Large Amount of ETH Before SEC Decision!
As bullish expectations for Ethereum increased, whales also became active.
Accordingly, an important ETH move came from James Fickel, the founder of the Amaranth Foundation, one of the first Ethereum investors.
According to Spot On Chain's post, Fickel purchased 2,642 ETH worth approximately $24.4 million as the Ethereum price rose above $3,800.
Accordingly, Fickel used $10.1 million of USDC and crypto reserves, including Wrapped Bitcoin (WBTC), to purchase ETH. Fickel purchased ETH at a cost of $3,820.
Fickel's latest purchase comes as part of a larger strategy in which he has accumulated 14,494 ETH over the past three days.
At this point, according to the data, Fickel, who has been expecting an increase in the ETH / BTC trading pair since December 30, 2023, borrowed 2,741 WBTC at the level of 0.054 and exchanged it for 50,688 ETH.
Additionally, Fickel, who purchased a total of $53.3 million in ETH in the last 3 days, financed these purchases with a combination of 390 WBTC and 26.1 million USDC, making the average ETH cost $3,675.
Just now, James Fickel (@jamesfickel) spent 10.1M $USDC to buy 2,642 $ETH ($24.4M) at ~$3,820 before the SEC’s final ruling on the Vaneck Ethereum ETF today!
Overall, in the past 3 days, the founder of Amaranth Foundation has bought 14,494 $ETH using 390 $WBTC and 26.1M $USDC… https://t.co/DsEkv872tM pic.twitter.com/8I7jR1bgxS
— Spot On Chain (@spotonchain) May 23, 2024
*This is not investment advice.
