James Fickel Gathers More Than 2,600 ETH Coins in Anticipation of SEC ETF Decision
James Fickel, the founder of Amaranth Foundation, has taken a bold step ahead of the Securities and Exchange Commission’s (SEC) ruling on the Ethereum ETF. He has acquired a significant amount of 2,600 ETH, showcasing his confidence in the approval of the ETF by the regulatory watchdog.
While the crypto market eagerly awaits the SEC’s decision, astute investors like Fickel are seizing the opportunity and accumulating large quantities of ETH in anticipation of a potential price rally after the approval.
Blockchain analytics insight platform, Spot on Chain, has reported that 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 move was made before the SEC’s final ruling on the Vaneck Ethereum ETF, which is scheduled for today.
Spot on Chain revealed that Fickel traded $10.1 million worth of USDC stablecoin to acquire the aforementioned quantity of ETH. Interestingly, Fickel has purchased a total of 14,494 ETH in the past three days. According to the data provided, he spent 390 WBTC (wrapped BTC) and 26.1M USDC, totaling $53.3 million, to acquire this amount of ETH at an average price of $3,675.
It is important to mention that Fickel’s interest in Ethereum extends beyond the expectations of ETF approval. 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 a trading pair ratio cost of 0.054, further highlighting his confidence in the coin’s future.
The SEC’s decision on the Vaneck Ethereum ETF is highly anticipated, and many investors are positioning themselves to profit from a potential approval, just like Fickel. Furthermore, the introduction of an Ether ETF would make Ethereum more accessible to institutional investors, potentially increasing its value.
Meanwhile, the price of Ethereum (ETH) has experienced a noticeable rally in the past 24 hours. According to data from CoinMarketCap, ETH is currently trading at $3,812, reflecting a 2.1% increase. However, the trading volume has significantly decreased 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 mentioning that Ethereum (ETH) reached its all-time high of $4,878 on November 10, 2022. If the SEC approves an ETH spot ETF, the price of the coin could potentially surge to new ATH, similar to the case of Bitcoin.
