Just hours before the SEC’s final decision on the Vaneck Ethereum ETF, James Fickel, the founder of Amaranth Foundation, has made a bold move by investing heavily in Ethereum. Fickel has purchased 2,642 ETH for approximately $24.4 million, using 10.1 million USDC, at a rate of around $3,820 per ETH. This transaction showcases his optimistic stance towards the expected approval of the Ethereum ETF.
James Fickel, also known as @jamesfickel on Twitter, recently spent a total of $10.1 million in USDC to acquire 2,642 ETH, equivalent to $24.4 million, at an average price of approximately $3,820 per ETH. This purchase was made just before the SEC’s final ruling on the Vaneck Ethereum ETF, which is set to take place today. The news was shared by Spot On Chain (@spotonchain) on May 23, 2024, along with a link to the tweet and an image of the transaction.
In addition to this significant investment, Fickel has been actively expanding his Ethereum holdings over the past three days. He has acquired a total of 14,494 ETH, using 390 WBTC and 26.1 million USDC. These purchases amount to a total investment of $53.3 million, with an average purchase price of $3,675 per ETH. This shows Fickel’s calculated and substantial investment ahead of potential market shifts.
Fickel’s bullish attitude towards Ethereum is not new. Just two days ago, he exchanged 350 WBTC for 6,905 ETH as the price of Ethereum surged by 20% within 24 hours. This transaction amounted to a similar investment of $24.4 million, with an average price of $3,534 per ETH. Fickel has been increasingly bullish on the ETH/BTC trading pair since December 2023, as evidenced by his significant trades and positions on various cryptocurrency platforms.
It is worth noting that Fickel’s recent activity aligns with his historical trading behavior. A month ago, he purchased 7,814 ETH with 24.7 million USDC in just 40 minutes, demonstrating his willingness to leverage substantial sums in the ETH market. Currently, Fickel holds 128,516 ETH and 40.97 million USDC supplied to the Aave platform, while borrowing 2,266 WBTC.
Fickel’s extensive acquisitions and strategic positioning before the SEC ruling indicate his strong belief in a favorable outcome for the Ethereum ETF. His actions may influence other investors and potentially impact Ethereum’s market dynamics, depending on the SEC’s decision.
