James Fickel, the founder of the Amaranth Foundation, has made a bold move ahead of the Securities and Exchange Commission’s (SEC) ruling on the Ethereum exchange-traded fund (ETF) by acquiring a substantial 2,600 ETH. This action has garnered attention in the crypto community and demonstrates the investor’s confidence in the ETF’s approval by the regulatory agency.
While the global crypto market eagerly awaits the SEC’s decision, savvy investors are taking advantage of the opportunity by accumulating large amounts of ETH in anticipation of a potential price rally after the ETF is approved.
According to blockchain analytics platform Spot on Chain, Fickel, an early Ethereum investor, has purchased an impressive 2,642 ETH coins valued at $24.4 million, with an average price of $3,820. Importantly, this transaction took place before the SEC’s final ruling on the Vaneck Ethereum ETF, scheduled for today.
Spot on Chain also noted that Fickel traded $10.1 million USDC stablecoin to acquire the aforementioned ETH amount. Interestingly, Fickel has acquired a total of 14,494 ETH in the last three days. The data shows that he spent 390 WBTC (wrapped BTC) and 26.1M USDC, totaling $53.3 million, to purchase this ETH at an average price of $3,675.
It should be noted that Fickel’s investment in Ethereum goes beyond his expectations of ETF approval. In fact, he has been bullish on the ETH/BTC trading pairs since December 2023. He has borrowed and exchanged 2,741 WBTC for 50,688 ETH at a trading pair ratio cost of 0.054. This further highlights his confidence in the future of the coin.
The market is eagerly awaiting the decision of the Securities and Exchange Commission regarding the Vaneck Ethereum ETF. Consequently, many investors, like Fickel, are positioning themselves to profit from a potential approval. Additionally, the introduction of an Ether ETF would make Ethereum more accessible to institutional investors, potentially increasing its value.
Meanwhile, the price of Ethereum (ETH) has experienced a significant rally over the past 24 hours. According to data from CoinMarketCap, ETH is currently trading at $3,812, representing a 2.1% increase. However, trading volume has decreased by 22.85% to $25.2 billion. In the past day, ETH has fluctuated between the range of $3,664.13 and $3,832.21.
In retrospect, ETH has gained 26.8% in the past seven days and approximately 20.29% over the last month. It is worth noting that Ethereum (ETH) 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 coin’s price to new all-time highs, similar to what happened with Bitcoin.
