$ETH Crypto Whale Nets Substantial Unrealized Profit
A significant player in the cryptocurrency world has cleverly reaped substantial gains by purchasing a large amount of $ETH tokens using $USDT before the announcement of spot ETH ETFs. Lookonchain, a prominent on-chain statistics provider, revealed this development through its social media platform.
According to Lookonchain, the whale spent a staggering $26.67M in $USDT to acquire 8,733 $ETH at an average price of $3,054.56. As a result, the whale currently holds an unrealized profit of approximately $6M.
After the Securities and Exchange Commission (SEC) approved form 19b-4 for $ETH ETFs, the same whale made another move, investing $24.7M in various Ethereum ecosystem tokens. With this investment, the whale has currently amassed an unrealized profit of around $1.1M.
Before the ETH ETF news broke, Lookonchain highlighted that the whale wisely utilized $USDT to purchase a significant amount of $ETH. The platform noted the specific figures, including the number of tokens purchased and the average purchase price per coin.
Executing this strategy even before the ETH ETF news suggests that the whale likely anticipated a substantial profit. And indeed, the plan paid off handsomely, netting the whale an impressive $6 million in unrealized profit.
Following the ETH ETF approval, the whale continued to rake in the rewards. With increased inflows into ETH exchange-traded funds, the whale garnered approximately $1.1 million in unrealized profit. Subsequently, the whale transferred 19.75 million $USDT tokens to Binance and also redeemed sizable amounts of other tokens, including $LDO, $UNI, $FXS, $ENS, and $AAVE.
These successful moves by the ETH whale showcase their ability to anticipate market trends and capitalize on them for significant gains.