Ethereum co-founder cashes in on this ETH price rise, what’s next?

Ethereum’s native cryptocurrency ETH saw a solid rally earlier this week, with the price of ETH rising 30% to over $3,800. ETH’s recent rally has been major due to excitement over the possible approval of the Ethereum spot ETF by the United States Securities and Exchange Commission.

Cashout from Ethereum co-founder

According to on-chain data, Ethereum co-founder Jeffrey Wilcke is believed to have benefited from 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 cryptocurrency exchange Kraken at the rate from $3,738 per ETH, about two hours ago. This shows that the Ethereum co-founder has partially cashed out his ETH holdings amid the current rally.

Since the start of 2024, Wilcke has reportedly deposited a total of 24,300 ETH with Kraken, worth approximately $75.52 million at an average rate of $3,108 per ETH. Notably, its most recent deposit took place before Ethereum’s price rose significantly.

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

Occasional developments in Ether ETFs

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

On the other hand, it turns out that the recent ETH price rally remains largely retail driven and the Ethereum Whales have not yet actively participated in this matter. They are probably watching from the sidelines what is happening with these Ether ETFs.

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