Ethereum co-founder Jeffrey Wilcke has made significant moves during the recent Ethereum price rally, depositing 10,000 ETH to Kraken among a total of over 24,000 deposits since the beginning of 2024. Despite these large transactions, the ETH price has remained stable.
Recent ETH Price Rally
Earlier this week, Ethereum's native cryptocurrency, ETH, experienced a substantial price surge, increasing by 30% to surpass $3,800. This rally was primarily driven by optimism surrounding the potential approval of a spot Ethereum ETF by the U.S. Securities and Exchange Commission (SEC).
Jeffrey Wilcke's Cash Out
On-chain data indicates that Jeffrey Wilcke has been cashing out during this rally. According to SpotonChain, Wilcke deposited 10,000 ETH (worth approximately $37.38 million) to Kraken at a rate of $3,738 per ETH just two hours prior. This activity highlights his strategy of partially cashing out his ETH holdings amid the current price increase.
Since the start of 2024, Wilcke has 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 before the significant surge in Ethereum’s price. Despite these transactions, Wilcke still holds 126,000 ETH, valued at approximately $473 million.
Spot Ether ETF Developments
In the broader market, several Ethereum ETF issuers updated their 19b-4 filings on Wednesday. The US SEC is expected to decide on the VanEck Ethereum ETF application soon. While major players like Standard Chartered have predicted that the Ether ETF approval could come this week, some market analysts believe the first spot Ether ETF might be approved by late July or early August.
Retail vs. Whale Participation
Interestingly, the recent ETH price rally appears to be largely driven by retail investors. Ethereum whales have not yet actively participated, likely observing the market developments related to the Ether ETFs from the sidelines.
Conclusion
Jeffrey Wilcke’s recent ETH transactions and the ongoing speculation about spot Ether ETFs have created a buzz in the cryptocurrency market. As the SEC's decision on the Ethereum ETF looms, all eyes are on how these factors will influence Ethereum’s price and market dynamics. For now, the participation of retail investors seems to be steering the ETH price rally, with major players waiting for more concrete developments.
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