Crypto Whale Spends $24.7M On Ethereum-Based Altcoins Following SEC Approval

A crypto whale invested $24.7 million in Ethereum-based altcoins after the SEC approved a spot Ethereum ETH/USD ETF.

What Happened: The whale began accumulating altcoins like Lido LDO/USD, Uniswap UNI/USD, Aave AAVE/USD, Ethereum Name Service ENS/USD, and Fraxshare FXS/USD shortly after the approval, Daily Hodl reported on Monday. This move followed a previous purchase of 8,733 ETH at $3,054.56, resulting in an unrealized profit of approximately $6 million.

After the SEC’s approval, the whale deposited 19.75 million USDT to Binance and withdrew significant amounts of LDO, UNI, AAVE, ENS, and FXS, totaling $24.7 million. This resulted in an unrealized profit of around $1.1 million.

Another whale on the Solana SOL/USD network rotating holdings into Dogecoin rival dogwifhat WIF/USD. This whale spent 17,966 SOL ($2.98 million) to buy 953,177 WIF, causing a 7% price increase.

See Also: Bitcoin, Dogecoin Bounce Back With Ethereum Lagging: Trader Sees ‘Price Discovery Next Week’ Under One Co

Why It Matters: The SEC’s approval of the spot Ethereum ETF marks a significant milestone for the cryptocurrency market. This approval is expected to pave the way for mainstream investors to enter the crypto space. The decision is anticipated to spur the creation of a variety of crypto tokens within a year.

Read Next: Donald Trump: ‘I Will Ensure That The Future Of Crypto And Bitcoin Will Be Made In The USA’

Image via Shutterstock

This story was generated using Benzinga Neuro and edited by Pooja Rajkumari