Last weekend, after the U.S. Securities and Exchange Commission (SEC) approved the listing of the ETH Exchange Traded Fund (ETF), cryptocurrency whales were seen stealing massive amounts of altcoins from the Ethereum ecosystem.
As first reported by blockchain tracking firm Lookonchain, a whale with a series of wallets purchased Ethereum just above $3,000 shortly before news broke of the possible approval of an ETH ETF.
Soon after the ETF received approval from the SEC, whales began accumulating Ethereum-based altcoins such as Lido (LDO), Uniswap (UNI), Aave (AAVE), Ethereum Name Service (ENS), and Fraxshare (FXS). .
“Before the ETH ETF news broke, the whale used 26.67 million USDT to purchase 8,733 ETH at $3,054.56, resulting in an unrealized profit of ~$6 million.
After the SEC approved Form 19b-4 for the ETH ETF, whales purchased $24.7 million worth of Ethereum ecosystem tokens and made unrealized profits of ~$1.1 million.
He deposited 19.75 million USDT on Binance and received 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 ($125 million) on Binance. “I withdrew 10,000 dollars.”
Lookonchain also discovered whales on the Solana (SOL) network rotating their core holdings further away from the risk curve, opting for Dogecoin (DOGE) rival dogwifhat (WIF).
“Whales spent 17,966 SOL ($2.98 million) to buy 953,177 WIF at $3.13 in the last 5 hours, which pushed the price of WIF up ~7%.
The whale previously made $90,000 by using 1 million USDC to buy 355,417 WIF at $2.81 on May 21 and then selling it at $3.07 for 1.09 million USDC on May 22.”
As of this writing, WIF is trading at $2.99.
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Image created by: Midjourney