Trader invested $24.7 million in Ethereum-based altcoins

Unknown trader spent a number of transactions in the crypto market amid the excitement associated with the approval of spot Ethereum-ETFs.

The user began to act shortly before analysts announced a change in the position of the US Securities and Exchange Commission (SEC) and over the past 10 days made transactions for $51.3 million.

Trader activity in the period from May 18 to May 19, 2024. Source: Lookonchain.

Keith began buying Ethereum a few days before the publication of updated forecasts from experts regarding the approval of crypto funds based on the asset. Between May 18 and May 19, 2024, he purchased 8,753 ETH, spending 26.67 million USDT. The average cost of Ethereum was $3054.

Thanks to the price increase in anticipation of the SEC decision, the trader received an unrealized profit of about $6 million.

Tokens purchased by an unknown trader after spot ETH-ETFs were approved. Source: Lookonchain.

The whale then waited for the new asset class to be approved and took the next step. The user spent $24.7 million on the purchase of Ethereum-based altcoins. In particular, he acquired:

• 4.04 million LDO – $9.3 million;
• 684,364 UNI – $6.7 million;
• 52,623 AAVE – $5.4 million;
• 82,041 ENS – $2 million;
• 250,969 FXS – $1.25 million.

Users of the social network X (formerly Twitter) joked that US House of Representatives member Nancy Pelosi was hiding behind the identity of the unknown trader.

The representative of the Democratic Party has been repeatedly accused by the media of using insider information for trading on the stock market, which is what some of the community focused on. Users noted the whale's very timely investment.