One of the largest crypto whales exchanged bitcoins for Ethereum.
On May 21, one of the largest cryptocurrency whales, James Fickel, exchanged bitcoins for Ethereum (ETH), thus placing a bet on the continued growth of the cryptocurrency rate. According to Lookonchain employees, Fickel borrowed 350 Wrapped Bitcoin (WBTC) in the Aave protocol worth $25 million at the time of the operation. Then he exchanged the bitcoins issued on the Ethereum network for 6905 ETH, which are now worth $25.1 million. It is noteworthy that James made transactions after the end of the main phase of the pump pca Ethereum, which started on May 20 at 22:00 Moscow time. In five hours, the coin rose in price by more than 18%, and its value reached its maximum since April 9 at $3721.
Another interesting fact is that Fickel sent the Ethereum proceeds for staking. It becomes obvious that he has no plans to sell them anytime soon. He now owns $545.9 million worth of ETH, received in exchange for Ethereum that was locked up on liquid staking platforms. Lookonchain workers suggest that James decided to increase Ethereum reserves, expecting a continuation of the bullish rally thanks to the approval of applications for the issuance of ETH-ETF. According to Bloomberg analyst Eric Balchunas, the US Securities and Exchange Commission has a 75% probability of agreeing on the creation of funds based on Ethereum this week.
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