Crypto Trader Bets Big on Ethereum, Hints at ETF Approval

• Crypto trader James Fickel borrows $25M in WBTC to buy Ethereum.
• Fickel’s trade suggests a bullish outlook on Ethereum and expects ETF approval.
• SEC review of filings seen as a positive sign for Ethereum ETF approval.

Prominent crypto trader James Fickel engaged in a recent transaction that suggests a bullish outlook on Ethereum compared to Bitcoin. The move has fueled speculation about Fickel’s optimism regarding the potential approval of Ethereum ETFs by the SEC.

As the #SEC requires exchanges to expedite the update of 19B-4 documents on $ETH #ETFs, the probability of approval of $ETH #ETFs has greatly increased.

James Fickel(@jamesfickel) continued to borrow 350 $WBTC($25M) from #Aave and exchanged it for 6,905 $ETH to go long the… pic.twitter.com/IYFmQyHVIP

— Lookonchain (@lookonchain) May 21, 2024

According to data sourced from Etherscan and shared by crypto analytics handle Lookonchain, Fickel borrowed approximately 350 Wrapped Bitcoin (WBTC) equivalent to $25 million from the decentralized finance platform Aave. He then exchanged these for about 6,905 ET. This move indicates Fickel’s positioning for potential gains in the ETH/BTC trading pair.

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