đ„ ETH Whale Gains Huge Unrealized Profit
The ETH ETFs have been making a great impact on the overall crypto industry before their arrival. In this respect, a whale has wisely obtained significant profit by buying the ETH tokens with the use of $USDT before the news regarding the spot ETH ETFs. A prominent on-chain statistics provider Lookonchain disclosed this development on its account on the social media forum X.
đŹ Before the ETH ETF's News, a whale spent 26.67M USDT to buy 8,733 ETH at $3,054.56 and has an unrealized profit of ~$6M.
After the #SEC approved form 19b-4 for ETH ETF's, the whales bought $24.7M worth of #Ethereum ecosystem tokens and has an unrealized profit of ~$1.1M. â Lookonchain (@lookonchain) May 25, 2024
đž Whale Uses $USDT to Buy a Significant Amount of $ETH
In its recent post, the platform disclosed the statistics regarding this move, saying that the whale spent nearly 26.67M $USDT. It noted that the whale utilized the above-mentioned amount of the top stablecoin to purchase $ETH. In addition to this, Lookonchain also pointed out that the whale bought almost 8,733. As per the platform, the whale purchased the respective tokens at an average rate of up to $3,054 per coin.
Lookonchain also revealed that the whale made this smart move even before the news regarding the upcoming ETH ETFs. While purchasing such a huge amount of ETH coins, the whale potentially intended to make a substantial profit. Hence, the whale effectively executed the plan for a huge profit in return.
đž The Whale Generates $1.1M in Unrealized Profit After ETH ETF Approval
As a result of implementing this strategy, the whale got a massive amount in unrealized profit. The analytics platform brought to the front that the whale effectively gathered up to $6 million in terms of profit. Following the purchase, the news of the ETH ETF approval contributed a lot to generating profit for the whale.
