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.

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.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.