Over the weekend, a crypto whale was observed engaging in a significant buying spree of altcoins within the Ethereum ecosystem. This occurred shortly after the U.S. Securities and Exchange Commission (SEC) granted approval for the listing of Ethereum exchange-traded funds (ETFs).
According to Lookonchain, a blockchain tracking firm, the whale, who operates through a series of wallets, purchased Ethereum just above the $3,000 mark just before news of the potential ETH ETF approval emerged. Once the SEC officially approved the ETFs, the whale began accumulating various Ethereum-based altcoins, including Lido (LDO), Uniswap (UNI), Aave (AAVE), Ethereum Name Service (ENS), and Fraxshare (FXS).
Before the ETH ETF news broke, the whale spent 26.67 million USDT to acquire 8,733 ETH at a price of $3,054.56. This purchase has resulted in an unrealized profit of approximately $6 million. Following the SEC’s approval, the whale proceeded to invest $24.7 million in Ethereum ecosystem tokens, with an unrealized profit of around $1.1 million. The whale 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 the exchange.
Lookonchain also identified a whale operating on the Solana network who decided to shift their core holdings towards higher-risk assets. Instead of sticking with Solana, the whale opted to purchase the dogwifhat (WIF) token, a rival to Dogecoin (DOGE).
In the past five hours, the whale spent 17,966 SOL ($2.98 million) to acquire 953,177 WIF tokens at a price of $3.13, causing the value of WIF to rise by approximately 7%. This same whale previously spent 1 million USDC to buy 355,417 WIF at $2.81 on May 21st, sold it for 1.09 million USDC at $3.07 on May 22nd, and made a profit of $90,000.
At the time of writing, WIF is currently trading at $2.99.
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