In a significant move just hours before the SEC’s final decision on the Vaneck Ethereum ETF, James Fickel, founder of Amaranth Foundation, has made a hefty investment in Ethereum. Fickel 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 underscores his optimistic stance towards the anticipated approval of the Ethereum ETF.
Over the last three days, Fickel has aggressively expanded his Ethereum holdings, acquiring a total of 14,494 ETH. The funding for these purchases came from a mix of 390 WBTC and 26.1 million USDC, totaling an investment of $53.3 million. The average purchase price of these acquisitions was $3,675 per ETH, indicating a calculated and significant investment ahead of potential market shifts.
Recent Trading History
This isn’t the first time Fickel has shown a bullish attitude towards Ethereum. Just two days ago, he swapped 350 WBTC for 6,905 ETH as Ethereum’s price surged by 20% within 24 hours, amounting to a similar investment of $24.4 million at an average price of $3,534 per ETH. Since December 2023, Fickel has been increasingly bullish on the ETH/BTC trading pair, exemplified by his substantial trades and positions on various cryptocurrency platforms.
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, as he continued to leverage substantial sums in the ETH market. His current holdings include 128,516 ETH and 40.97 million USDC supplied to the Aave platform, against a borrowing of 2,266 WBTC.
Fickel’s extensive acquisitions and his strategic positioning prior to the SEC ruling suggest a strong belief in a favorable outcome for the Ethereum ETF. His actions might influence other investors and potentially impact Ethereum’s market dynamics, depending on the SEC’s decision.Â
