James Fickel, the founder of Amaranth Foundation, has made a bold move ahead of the Securities and Exchange Commission’s (SEC) ruling on the Ethereum ETF. He has accumulated a substantial amount of 2,600 ETH, demonstrating his confidence in the approval of the ETF by the regulatory authority. As the crypto market eagerly awaits the SEC’s decision, savvy investors like Fickel are taking advantage of the opportunity by acquiring large quantities of ETH in anticipation of a potential price rally after the approval.
According to blockchain analytics platform Spot on Chain, Fickel, an early Ethereum investor, has purchased an astonishing 2,642 ETH coins worth $24.4 million at an average price of $3,820. Notably, this purchase was made prior to the SEC’s final ruling on the Vaneck Ethereum ETF, which is scheduled for today. Spot on Chain also revealed that Fickel traded $10.1 million USDC stablecoin to acquire this significant amount of ETH. Interestingly, Fickel has bought a total of 14,494 ETH in the last three days. The data shows that he spent 390 WBTC and 26.1M USDC, totaling $53.3 million, to purchase this amount of ETH at an average price of $3,675.
It is worth mentioning that Fickel’s investment in Ethereum is not solely based on expectations of ETF approval. Since December 2023, he has been bullish on the ETH/BTC trading pairs. He has borrowed and exchanged 2,741 WBTC for 50,688 ETH at a trading pair ratio cost of 0.054, further illustrating his confidence in the future of the coin.
The decision by the SEC regarding the Vaneck Ethereum ETF is eagerly anticipated, and many investors, including Fickel, are positioning themselves to profit from a potential approval. Furthermore, the introduction of an Ether ETF would make Ethereum more accessible to institutional investors, potentially increasing its value.
In the meantime, the price of Ethereum (ETH) has experienced a significant rally in the past 24 hours. According to CoinMarketCap, ETH is currently trading at $3,812, representing a 2.1% increase. However, the trading volume has decreased by 22.85% to $25.2 billion. Over the past day, ETH has traded within the range of $3,664.13 and $3,832.21.
Looking back, ETH has gained 26.8% in the last seven days and approximately 20.29% in the last month. It is worth noting that Ethereum reached its all-time high of $4,878 on November 10, 2022. If the SEC approves an ETH spot ETF, it could potentially propel the price of the coin to new all-time highs, similar to what happened with Bitcoin.
