Ethereum Co-founder Cashing Out This ETH Price Rally, What’s Next?

Ethereum’s native cryptocurrency ETH had a solid run-up earlier this week with the ETH price rallying all the way by 30% to over $3,800 levels. The recent ETH rally has been major due to the enthusiasm surrounding the possible approval of spot Ethereum ETF by the U.S. Securities and Exchange Commission.

Ethereum Co-founder Cashing Out

As per the on-chain data, Ethereum co-founder Jeffrey Wilcke has been reportedly cashing out on this rally.

According to recent data provided by SpotonChain, Ethereum co-founder Jeffrey Wilcke deposited a staggering 10,000 ETH (equivalent to approximately $37.38 million) to the cryptocurrency exchange Kraken at a rate of $3,738 per ETH, approximately two hours ago. This shows that the Ethereum co-founder has been cashing out his ETH holdings partially on the current rise.

Since the beginning of 2024, Wilcke has reportedly deposited a total of 24,300 ETH to Kraken, amounting to around $75.52 million at an average rate of $3,108 per ETH. Notably, his most recent deposit occurred prior to the significant surge in Ethereum’s price.

As of the latest data, Jeffrey Wilcke still retains ownership of 126,000 ETH, valued at approximately $473 million.

#Ethereum co-founder Jeffrey Wilcke (@jeffehh) deposited 10,000 $ETH ($37.38M) to #Kraken at $3,738 ~2hrs ago.

Since the start of 2024, he has deposited 24,300 $ETH to Kraken at ~$3,108 ($75.52M), with the last deposit done before the price started to soar!

Currently, Jeffrey… pic.twitter.com/sERRId8yfj

— Spot On Chain (@spotonchain) May 23, 2024

Spot Ether ETF Developments

Several Ethereum ETF issuers submitted their updated 19b-4 filings on Wednesday, as the US SEC is set to decide on the VanEck Ethereum ETF application later today. Although big players like Standard Chartered have announced that the Ether ETF approval would come this week, other market analysts believe that the first spot Ether ETF will come by late July or either early August.

On the other hand, it turns out that the recent ETH price rally remains largely retail driven and the Ethereum whales haven’t yet participated actively in this matter. They’re probably watching on the sidelines as to what happens with these Ether ETFs.