Ethereum Co-founder Cashing Out This ETH Price Rally, What’s Next?
Highlights
- Ethereum co-founder Jeffrey Wilcke has deposited over 24,000 ETH in 2024 so far.
- Ethereum whales have been watching from the sidelines the developments around spot Ether ETF.
- Top players update their 19b-4 filings with the US SEC while removing staked ETH feature.
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.
- Bitcoin ETFs Record $2.2B Weekly Inflows as BTC Price Surges Past $120K
- Nomura Eyes to Ripple Dominance in Crypto Trading in Japan as Demand Rises
- Sharps Technology Plans $100M Buyback to Boost Solana Treasury as SSK ETF Hits Record $382M AUM
- Will Bitcoin Reverse to $115K Max Pain Price amid Crypto Options Expiry Today?
- Cardano Gets 100 Million User Exposure With Brave Integration, Whales Scoop 70M ADA
- Bitcoin Price Hits $120K, Is Citigroup’s Bold Q4 Prediction in Motion?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
