Whale invests in Ethereum network tokens and makes unrealized profit of US$1 million

Last weekend, a cryptocurrency whale was observed accumulating large amounts of altcoins from the Ethereum ecosystem. This followed the approval of listing of ETH exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC).

According to blockchain tracking firm Lookonchain, the whale (mega investor), using a series of wallets, acquired Ethereum just above the $3,000 mark before the news of the likely approval of the ETH ETF.

After confirmation of approval by the SEC, the whale began to accumulate several Ethereum-based altcoins, including Lido (LDO), Uniswap (UNI), Aave (AAVE), Ethereum Name Service (ENS) and Fraxshare (FXS).

As Lookonchain pointed out, “prior to the ETH ETF news, a whale spent 26.67 million USDT to purchase 8,733 ETH for $3,054.56, generating an unrealized profit of approximately $6 million.”

After the SEC approved Forms 19b-4 for ETH ETFs, the whale purchased $24.7 million worth of tokens from the Ethereum ecosystem. In this way, it managed to make an unrealized profit of around US$1.1 million from the acquisitions.

Investments in altcoins from the Ethereum ecosystem

Detailing the transactions, Lookonchain reported that the whale deposited 19.75 million USDT on Binance. Additionally, it withdrew significant amounts of altcoins: 4.04 million LDO ($9.3 million), 684,364 UNI ($6.7 million), 52,623 AAVE ($5.4 million), 82,041 ENS (US $2 million) and 250,969 FXS ($1.25 million).

At the same time, another whale carried out large transactions on the Solana (SOL) network, opting to increase its holdings in Dogecoin’s (DOGE) rival memecoin, dogwifhat (WIF). The whale spent 17,966 SOL ($2.98 million) to purchase 953,177 WIF at $3.13. Lookonchain highlighted that this whale had previously carried out significant transactions:

“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 22nd, earning $90,000 .”

At the time of writing, the WIF token was trading at $2.99. Recent whale activity reflects growing confidence in the cryptocurrency market, especially following the approval of ETH ETFs, suggesting a potential continued appreciation of altcoins related to the Ethereum ecosystem.