Crypto whale exchanged BTC for Ethereum

On May 21, one of the largest cryptocurrency whales, James Fickell, exchanged bitcoins for Ethereum (ETH), thus betting on the continued growth of the cryptocurrency rate.

According to Lookonchain employees, Fickel borrowed $25 million worth of Aave 350 Wrapped Bitcoin (WBTC) at the time of the transaction. He then exchanged the Bitcoins issued on the Ethereum network for 6,905 ETH, which is now worth $25.1 million.

It is noteworthy that James made transactions after the end of the main phase of the Ethereum rate pump, which began 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 highest level since April 9 at $3,721.

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 holds $545.9 million worth of ETH, which he received in exchange for Ethereum locked up on liquid staking platforms.

Lookonchain workers speculate that James decided to increase Ethereum holdings in anticipation of a continuation of the bullish rally thanks to the approval of ETH-ETF applications. According to Bloomberg analyst Eric Balchunas, the US Securities and Exchange Commission has a 75% chance of approving the creation of Ethereum-based funds this week.

Source: Cryptocurrency

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