James Fickel Gains More Than 2,600 ETH Coins in Anticipation of SEC ETF Decision
James Fickel, the founder of Amaranth Foundation, has made a bold move ahead of the SEC’s ruling on the Ethereum ETF by acquiring a substantial amount of ETH. This move has garnered attention in the cryptocurrency space and demonstrates the investor’s confidence in the approval of an ETF by the regulatory watchdog.
While the global crypto market eagerly awaits the SEC’s verdict, savvy investors are already taking advantage of the opportunity by accumulating large amounts of ETH in hopes of a potential price rally after the approval.
According to blockchain analytics platform Spot on Chain, James Fickel, an early Ethereum investor, has purchased an astounding 2,642 ETH coins worth $24.4 million at an average price of $3,820. It is worth noting that this purchase was made prior to the SEC’s final ruling on the Vaneck Ethereum ETF, which is scheduled for today.
Spot on Chain reports that Fickel traded $10.1 million worth of USDC stablecoin to acquire the aforementioned amount of ETH. Interestingly, Fickel has purchased a total of 14,494 ETH in the last three days. According to the provided data, he spent 390 WBTC (wrapped BTC) and 26.1 million USDC, totaling $53.3 million, to purchase this large amount of ETH at an average price of $3,675.
It is important to emphasize that Fickel’s investment in Ethereum is not solely based on the expectation of ETF approval. In fact, he has been bullish on the ETH/BTC trading pairs since December 2023. He has borrowed and exchanged 2,741 WBTC for 50,688 ETH at a trading pair ratio cost of 0.054. This further highlights his confidence in the future of the coin.
The decision by the Securities and Exchange Commission regarding the Vaneck Ethereum ETF is eagerly awaited. As a result, many investors, like Fickel, are positioning themselves to profit from a potential approval. Furthermore, the launch of an Ether ETF would make Ethereum more accessible to institutional investors, potentially increasing its value.
As for the price movement of Ethereum, it has experienced a noticeable rally in the past 24 hours. According to CoinMarketCap, ETH is currently trading at $3,812, representing a 2.1% increase. However, the trading volume has decreased significantly by 22.85% to $25.2 billion. Over the past day, ETH has fluctuated between the range of $3,664.13 and $3,832.21.
In retrospect, ETH has gained 26.8% in the last seven days and approximately 20.29% in the last month. It is worth recalling that Ethereum reached its all-time high of $4,878 on November 10, 2022. If the SEC approves an ETH spot ETF, it has the potential to drive the price of the coin to new all-time highs, similar to what happened with Bitcoin.
