Whale, who accumulated Ethereum before the Ethereum ETF approval, is now diversifying into various altcoins and influencing market trends. After turning a substantial profit from ETH, this investor is shifting focus to other promising tokens within the Ethereum ecosystem, signaling potential market movements.

From Ethereum to Altcoins: Whale’s Strategy

Before the Ethereum ETF news broke, a strategic investor amassed 8,733 ETH, spending 26.67 million USDT at an average price of $3,054 per ETH. This early investment paid off handsomely, yielding a $6 million profit as Ethereum prices soared following the ETF approval. Not resting on their laurels, the whale then redirected $24.7 million towards Ethereum ecosystem tokens, securing an additional profit of $1.1 million. These calculated moves showcase the whale’s adept timing and market foresight.

On-chain data from Lookonchain reveals that this same investor has not only cashed in profits but also reinvested a significant portion back into the market. The whale recently deposited 19.75 million USDT into Binance and moved substantial amounts of various altcoins, including Lido (LDO), Uniswap (UNI),  Ethereum Name Service (ENS), Frax Share (FXS) and AAVE, indicating a broadening of investment interests within the crypto space.

ETH Ecosystem Sees Surge in Whale Activity

Following their successful Ethereum trades, the Whale has acquired large quantities of altcoins, further diversifying their portfolio. They transferred $9.3 million worth of Lido (LDO), $6.7 million in UNI, and $5.4 million in AAVE, alongside smaller amounts in ENS and FXS tokens. This move not only diversifies the whale’s holdings but also may hint at where smart money sees potential growth.

Moreover, other large investors or “whales” are also showing a pronounced interest in altcoins linked to the Ethereum ecosystem. Lookonchain has noted significant purchasing activity from these investors, scooping up substantial quantities of ENS, UNI, AAVE, LDO, and Chainlink (LINK). This trend is likely indicative of a broader investor sentiment that sees value in these tokens, possibly forecasting price increases in the near term.

After the ETF’s approval, Ethereum ecosystem tokens experienced a surge in trading volumes by 16% within just 24 hours, underscoring heightened investor activity and interest. While some tokens have seen price increases, the market is still stabilizing from these shifts. Ethereum itself maintains a robust trading position, currently valued at $3,748, up 0.53% from the previous day.

In other developments, the Ethereum Foundation has been actively managing its funds. It recently moved 1000 ETH to a multi-signature address and sold 1,766 ETH for 4.81 million DAI at an average price of $2,725.

Also Read: Toncoin Price Faces Bearish Double Top Pattern: Will Support at $6 Hold?

The post Whale Who Made Massive Profit With ETH ETF Approval Now Buying These 5 Altcoins appeared first on CoinGape.

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Filed under: News - @ May 25, 2024 7:26 pm