During the weekend, a crypto whale was observed engaging in significant altcoin purchases within the Ethereum ecosystem after the U.S. Securities and Exchange Commission (SEC) approved the listing of Ethereum exchange-traded funds (ETFs). Lookonchain, a blockchain tracking firm, initially reported this activity, noting that the whale acquired Ethereum just above the $3,000 mark, right before news about the potential approval of an ETH ETF emerged. Following the SEC’s green light for the ETFs, the whale began accumulating various Ethereum-based altcoins, including Lido (LDO), Uniswap (UNI), Aave (AAVE), Ethereum Name Service (ENS), and Fraxshare (FXS).

Prior to the news about the ETH ETFs, the whale spent 26.67 million USDT to purchase 8,733 ETH at a price of $3,054.56, resulting in an unrealized profit of approximately $6 million. Once the SEC approved form 19b-4 for the ETH ETFs, the whale invested $24.7 million in Ethereum ecosystem tokens, generating an unrealized profit of around $1.1 million. The whale deposited 19.75 million USDT to Binance and withdrew 4.04 million LDO ($9.3 million), 684,364 UNI ($6.7 million), 52,623 AAVE ($5.4 million), 82,041 ENS ($2 million), and 250,969 FXS ($1.25 million) from Binance.

Lookonchain also detected another whale on the Solana network who decided to rotate their core holdings towards higher-risk options, choosing the dogwifhat (WIF) token as an alternative to Dogecoin (DOGE). Within the past five hours, this whale spent 17,966 SOL ($2.98 million) to acquire 953,177 WIF at a price of $3.13, leading to a roughly 7% increase in the value of WIF. Previously, this whale had used 1 million USDC to purchase 355,417 WIF at $2.81 on May 21st and sold it at $3.07 for 1.09 million USDC on May 22, resulting in a profit of $90,000.

Currently, WIF is being traded at $2.99.

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Image Source: Midjourney