Over the weekend, a prominent cryptocurrency investor was seen making substantial purchases of altcoins from the Ethereum ecosystem, following the news of the approval of Ethereum exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). This activity was first reported by blockchain tracking firm Lookonchain, which observed a whale using multiple wallets to buy Ethereum just above the $3,000 mark, just before the news of the potential ETF approval broke.

After the SEC officially approved the ETFs, the whale began accumulating various Ethereum-based altcoins, including Lido (LDO), Uniswap (UNI), Aave (AAVE), Ethereum Name Service (ENS), and Fraxshare (FXS). Lookonchain provided details of the whale’s purchases and their unrealized profits: “Before the news of the ETH ETFs, the whale spent 26.67 million USDT to purchase 8,733 ETH at a price of $3,054.56, resulting in an unrealized profit of approximately $6 million. After the SEC’s approval, the whale invested $24.7 million in Ethereum ecosystem tokens and currently has an unrealized profit of approximately $1.1 million. The whale deposited 19.75 million USDT to Binance and withdrew 4.04 million LDO ($9.3 million), 684,364 UNI ($6.7 million), 52,623 AAVE ($5.4 million), 82,041 ENS ($2 million), and 250,969 FXS ($1.25 million) from Binance.”

In addition to these Ethereum-related purchases, Lookonchain also observed another whale on the Solana network who made significant trades. This whale decided to rotate their core holdings towards higher-risk investments, choosing to invest in the dogwifhat (WIF) token, a rival of Dogecoin (DOGE). The whale spent 17,966 SOL ($2.98 million) to purchase 953,177 WIF at a price of $3.13 within the past five hours, causing the price of WIF to increase by approximately 7%. The same whale had previously spent 1 million USDC to buy 355,417 WIF at a price of $2.81 on May 21st and later sold it for 1.09 million USDC at a price of $3.07 on May 22nd, resulting in a profit of $90,000.

As of now, WIF is trading at $2.99.

Please note that the opinions expressed in this article are not investment advice, and investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Transfers and trades are done at the individual’s own risk, and any losses incurred are their responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets and is not an investment advisor.