The founder of Amaranth Foundation, James Fickel has made a significant move ahead of the SEC’s Ethereum ETF ruling by accumulating a massive 2,600 ETH. The move which has caught attention in the crypto space underscores the confidence of the investor on an ETF approval by the regulatory watchdog.
While the global crypto market awaits the SEC verdict, smart investors are already seizing the opportunity, amassing huge amounts of ETH with hopes of a potential price rally post-approval.
Fickel Adds More Than $24 Million ETH Worth to Portfolio
Spot on Chain, a blockchain analytics insight platform, has reported that James Fickel, an early investor of Ethereum has bought a staggering 2,642 ETH coins valued at $24.4 million at an average price of $3,820. Notably, this move was done before the SEC’s final ruling on the Vaneck Ethereum ETF scheduled for today.
Spot on Chain noted that the investor traded $10.1 million USDC stablecoin to acquire the aforementioned amount of ETH. Interestingly, Fickel has bought 14,494 ETH overall in the last 3 days. Per the provided data, he spent 390 WBTC (wrapped BTC) and 26.1M USDC, totaling $53.3 million to purchase this much ETH at an average price of $3,675.
Just now, James Fickel (@jamesfickel) spent 10.1M $USDC to buy 2,642 $ETH ($24.4M) at ~$3,820 before the SEC’s final ruling on the Vaneck Ethereum ETF today!Overall, in the past 3 days, the founder of Amaranth Foundation has bought 14,494 $ETH using 390 $WBTC and 26.1M $USDC… https://t.co/DsEkv872tM pic.twitter.com/8I7jR1bgxS
— Spot On Chain (@spotonchain) May 23, 2024
It is important to note that Fickel is not only investing largely in Ethereum because of the ETF approval expectations. In fact, 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 the trading pair ratio cost of 0.054. This further underscores his confidence in the future of the coin.
The decision by the Securities and Exchange Commission on the Vaneck Ethereum ETF is eagerly awaited. As a result, a lot of investors are arranging themselves to profit from a possible approval, much like Fickel. Additionally, the launch of an Ether ETF would make Ethereum far more accessible to institutional investors, which could increase its value.
Ethereum Price Movement Ahead of Verdict
Meanwhile, the price of Ethereum (ETH) has enjoyed a noticeable rally over the last 24 hours. According to data provided by CoinMarketCap, ETH is currently trading at $3,812, showing a 2.1% increase. However, the trading volume has dropped significantly by 22.85% to $25.2 billion. Over the past day, ETH has moved between the range of $3,664.13 and $3,832.21.
In hindsight, ETH has gained 26.8% in the last 7 days and about 20.29% over the last month. Recall that Ethereum (ETH) reached its all-time high of $4,878 on November 10, 202, an ETH spot ETF approval from the SEC could potentially send the price of the coin surging to new ATH as with the case of Bitcoin.
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