As analysts raised the possibility of a spot Ethereum (CRYPTO: ETH) ETF approval, big whales ramped up their bullish bets on the world’s second-largest cryptocurrency.
What Happened: James Fickel, one of the wealthiest cryptocurrency investors, swapped 350 Wrapped Bitcoin (CRYPTO: WBTC) for 6,905 Ether earlier in the day, according to on-chain tracking platform Lookonchain. The newly acquired supply was worth more than $25 million at prevailing prices.
As the #SEC requires exchanges to expedite the update of 19B-4 documents on #ETFs, the probability of approval of #ETFs has greatly increased.