Whale Makes Strategic Move, Buys $ETH with $USDT Before ETH ETF News
A whale in the crypto industry has made a shrewd investment move by purchasing a significant amount of $ETH tokens using $USDT prior to the announcement of the spot ETH ETFs. Lookonchain, a prominent on-chain statistics provider, revealed this development on its social media account.
Before the news of the $ETH ETFs, the whale spent a staggering 26.67M $USDT to acquire 8,733 $ETH at a price of $3,054.56 per coin, resulting in an unrealized profit of approximately $6M.
Following the approval of form 19b-4 for the $ETH ETFs by the SEC, the whale invested $24.7M in tokens from the Ethereum ecosystem, resulting in an unrealized profit of around $1.1M.
The whale’s strategic move has proven to be highly profitable, as demonstrated by the substantial unrealized profit generated. Lookonchain provided these statistics, highlighting that the whale obtained a profit of $6 million. The news of the ETH ETF approval further contributed to the whale’s profitability.
This move is significant for the influx of funds into the $ETH exchange-traded funds. Consequently, the whale achieved an unrealized profit of approximately $1.1M. Subsequently, the whale deposited 19.75 million $USDT tokens into Binance and redeemed 4.04 million $LDO, 684,364 $UNI, 250,969 $FXS, 82,041 $ENS, and 52,623 $AAVE coins.
Tags: ETH