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Shady Trades? Politician bets big on Ethereum before ETF approval

Shady Trades? Politician bets big on Ethereum before ETF approval

After the United States Securities and Exchange Commission (SEC) finally approved applications from Nasdaq, Cboe, and NYSE to list exchange-traded funds (ETFs) tied to the price of Ethereum (ETH), certain trades by a US politician have come into the limelight.

Specifically, Michael Collins, the US representative for Georgia’s 10th congressional district, disclosed in January 2024 a $65,000 investment in Ethereum, as Finbold reported at the time, and more recently, highlighted by Quiver Quantitave, in an X post on May 24.

According to the investment research firm that “scrapes alternative data from across the internet and aggregates it in a free, easy to use platform,” the largest altcoin and second-biggest asset in the cryptocurrency sector by market capitalization has “now risen over 140%” since Collins started buying in.

Collins’ Ethereum purchases

As a reminder, the representative had bought Ethereum in the amount of between $1,001 and $15,000 on January 3 and between $15,001 and $50,000 on January 8, at the time when rumors of an approval of a spot Ethereum ETF first started circulating, suggesting the politician’s strong conviction in its possibility.

Michael Collins’ ETH purchases in January 2024. Source: Nancy Pelosi Stock Tracker
Michael Collins’ ETH purchases in January 2024. Source: Nancy Pelosi Stock Tracker

Furthermore, in addition to his January 2024 purchases, Collins had also bought Ethereum three times in 2023 – on October 9, November 5, and December 28 – in sales that amounted to $75,000, according to the data shared by markets analytics platform unusual whales on January 10.

Ethereum news effect

Meanwhile, Ethereum was at press time changing hands at the price of $3,687.03, which represents a drop of 3.50% in the last 24 hours but nonetheless an advance of 21.68% across the previous seven days, and an accumulated gain of 13.03% on its monthly chart.

That said, according to crypto trading expert Michaël van de Poppe, the crypto market had already priced in the recent positive Ethereum news, as reflected in the form of the crypto asset’s strong 20% move, but the actual listing and inflow would demonstrate whether a strong upwards continuation can happen.

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