TechFlow reports that, according to on-chain analyst Yujin, the probability of approval for ETH spot ETFs has significantly increased after the U.S. SEC requested exchanges to accelerate updates on their 19b-4 filings regarding ETH spot ETFs. ETH price surged 18% within five hours.
During this period, multiple on-chain whales have been accumulating ETH (mostly using leverage):
1. A staunch long-term bull on the ETH/BTC ratio: James Fickel, founder of Amaranth Foundation, recently borrowed another 350 WBTC (worth $25 million) from Aave and swapped it into 43,784 ETH.
Since early January this year, James Fickel has consistently gone long on the ETH/BTC exchange rate, accumulating a total of 2,741 WBTC (worth $191 million) borrowed from Aave and converted into 50,688 ETH. His average entry cost for the ETH/BTC ratio is 0.054;
2. Three hours ago, a whale who previously made $20.8 million in profits from ETH and LINK investments borrowed 10 million USDC from Aave and used it to purchase 2,836.5 stETH at $3,525. This same whale also spent 20 million USDC one week ago (May 14) to buy 313.24 WBTC at an average price of $63,848.
3. Four hours ago, the whale at address 0x67c deposited 6,400 ETH into Aave as collateral, borrowed 15 million USDC, and then purchased 4,344 ETH at $3,453.
