The whale has accumulated a large amount of ETH and is holding on despite the sharp price increase.
The price of Ethereum [ETH] has risen over the past few weeks, leading to increased optimism among traders and shareholders. Many owners have taken profits due to the price increase.
The whale had already accumulated a large amount of altcoins even before the news of the SEC's approval of an ETF pegged to ETH.
The purchase totaled 8,733 ETH at a price of $3,054.56 per token, for a total investment of $26.67 million. Therefore, the whale has $6 million in unrealized profits at the time of writing.
Capitalizing on the positive sentiment generated by the SEC's approval, the whale then went deeper into the Ethereum ecosystem, investing $24.7 million to purchase various tokens in the ecosystem.
The interest shown by the whale in ETH shows that major investors see great value in the king of altcoins, which could lead to more investors buying and pushing the price higher.
This could create a positive feedback loop for ETH in the future.
