The ETH ETFs have been making a great impact on the overall crypto industry before their arrival. In this respect, a whale has wisely obtained significant profit by buying the $ETH tokens with the use of $USDT before the news regarding the spot ETH ETFs. A prominent on-chain statistics provider Lookonchain disclosed this development on its account on the social media forum X.
Before the $ETH ETFs news, a whale spent 26.67M $USDT to buy 8,733 $ETH at $3,054.56 and has an unrealized profit of ~$6M.After the #SEC approved form 19b-4 for $ETH ETFs, the whale bought $24.7M worth of #Ethereum ecosystem tokens and has an unrealized profit of ~$1.1M.He… pic.twitter.com/NYg2sYUpAi
— Lookonchain (@lookonchain) May 25, 2024
Whale Uses $USDT to Buy a Significant Amount of $ETH
In its recent post, the platform disclosed the statistics regarding this move, saying that the whale spent nearly 26.67M $USDT. It noted that the whale utilized the above-mentioned amount of the top stablecoin to purchase $ETH. In addition to this, Lookonchain also pointed out that the whale bought almost 8,733. As per the platform, the whale purchased the respective tokens at an average rate of up to $3,054 per coin.
Lookonchain also revealed that the whale made this smart move even before the news regarding the upcoming ETH ETFs. While purchasing such a huge amount of ETH coins, the whale potentially intended to make a substantial profit. Hence, the whale effectively executed the plan for a huge profit in return.
The Whale Generates $1.1M in Unrealized Profit After ETH ETF Approval
As a result of implementing this strategy, the whale got a massive amount in unrealized profit. The analytics platform brought to the front that the whale effectively gathered up to $6 million in terms of profit. Following the purchase, the news of the ETH ETF approval contributed a lot to generating profit for the whale.
This is a crucial step for the further inflows for the $ETH exchange-traded funds. Thus, the whale made approximately $1.1 million worth of unrealized profit. After that, he deposited 19.75 million $USDT tokens to Binance. Simultaneously, he redeemed 4.04 million $LDO, 684,364 $UNI, 250,969 $FXS, 82,041 $ENS, and 52,623 $AAVE coins.
