A pair of Ethereum traders have made nearly $120 million in the last 24 hours by employing a ‘looping’ strategy in DeFi, leveraging their positions on Ether. They hold over 1.1 million in Ether and staked Ether derivatives worth $3 billion, utilizing lending protocols like MakerDAO, Spark, Morpho, and Compound. The upcoming Ethereum upgrades and the potential approval of an Ether ETF are seen as key market catalysts, potentially driving Ether’s price even higher. The looping strategy allows for a leverage of 1-2x, and the traders are banking on the upcoming Dencun upgrade and the possibility of an Ether ETF approval by May 23 to further boost Ether’s value.
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