Just hours before the SEC’s final ruling on the Vaneck Ethereum ETF, James Fickel, the founder of Amaranth Foundation, has made a bold move by investing heavily in Ethereum. Fickel has purchased 2,642 ETH for approximately $24.4 million, using 10.1 million USDC, at a rate of around $3,820 per ETH. This transaction clearly demonstrates his optimistic view on the expected approval of the Ethereum ETF.
In the past three days, Fickel has significantly increased his Ethereum holdings by acquiring a total of 14,494 ETH. These purchases were funded through a combination of 390 WBTC and 26.1 million USDC, amounting to a total investment of $53.3 million. The average purchase price for these acquisitions was $3,675 per ETH, indicating a calculated and substantial investment in anticipation of potential market changes.
It is worth noting that Fickel has previously displayed a bullish attitude towards Ethereum. Just two days ago, as Ethereum’s price surged by 20% within 24 hours, he exchanged 350 WBTC for 6,905 ETH, making a similar investment of $24.4 million at an average price of $3,534 per ETH. Since December 2023, Fickel has consistently shown a bullish stance on the ETH/BTC trading pair, as evidenced by his significant trades and positions on various cryptocurrency platforms.
Fickel’s recent activity aligns with his historical trading behavior. One month ago, he purchased 7,814 ETH with 24.7 million USDC in just 40 minutes, continuing to leverage substantial amounts in the ETH market. Currently, he holds 128,516 ETH and 40.97 million USDC supplied to the Aave platform, with a borrowing of 2,266 WBTC.
These extensive acquisitions and strategic positioning prior to the SEC ruling indicate Fickel’s strong belief in a favorable outcome for the Ethereum ETF. His actions may influence other investors and potentially impact Ethereum’s market dynamics, depending on the SEC’s decision.