As an analyst with a background in cryptocurrency and blockchain technology, I’ve been closely monitoring the recent developments surrounding Ethereum (ETH) and its native cryptocurrency. The past few days have seen a significant rally in ETH prices, with the coin reaching new all-time highs above $3,800. This surge can primarily be attributed to the growing anticipation of the possible approval of a spot Ethereum Exchange Traded Fund (ETF) by the U.S. Securities and Exchange Commission (SEC).
The price of Ethereum‘s native cryptocurrency, ETH, experienced a significant surge this week, reaching over $3,800 – a 30% increase. This upward trend can largely be attributed to the anticipation surrounding the SEC’s decision regarding the approval of a spot Ethereum Exchange-Traded Fund (ETF) in the United States.
Ethereum Co-founder Cashing Out
According to blockchain records, Ethereum co-founder Jeffrey Wilcke is observed selling off during this price surge.
Based on new figures from SpotonChain, it’s been reported that Jeffrey Wilcke, one of Ethereum’s co-founders, transferred a significant amount of Ether to Kraken – around 10,000 ETH or roughly $37.38 million – at an exchange rate of approximately $3,738 per ETH just over two hours ago. This indicates that Wilcke has been selling off a portion of his Ethereum holdings amidst the recent price surge.
Starting from early 2024, I have transferred a grand total of 24,300 Ether to Kraken, which translates to approximately $75.52 million based on an average exchange rate of $3,108 per ETH. It’s worth mentioning that my latest deposit was made before the substantial Ethereum price increase occurred.
Based on the most recent information I’ve gathered as a crypto investor, I can confirm that I, myself, hold onto a substantial amount of Ethereum (ETH). To be precise, this currently equates to around 126,000 ETH. Given the current market prices, this translates to an impressive valuation of approximately $473 million.
About two hours ago, Jeffrey Wilcke, one of Ethereum’s co-founders, transferred 10,000 Ether (approximately $37.38 million at the current price) into Kraken’s platform.
Starting from early 2024, this individual has transferred a total of $75.52M worth of ETH (around 24,300 units) into Kraken at an average price of approximately $3,108 each. The most recent deposit occurred prior to the significant increase in ETH’s value.
Currently, Jeffrey…
— Spot On Chain (@spotonchain) May 23, 2024
Spot Ether ETF Developments
On Wednesday, several Ethereum ETF applicants, including VanEck, submitted updated 19b-4 filings to the US Securities and Exchange Commission (SEC), in anticipation of a decision on their application later in the day. While some industry heavyweights like Standard Chartered have predicted that Ethereum ETF approval would occur this week, other market pundits estimate that the first physically-backed Ether ETF may not debut until late July or early August.
From my perspective as an analyst, it seems that the latest surge in Ethereum’s price is predominantly fueled by retail investors. However, Ethereum whales have yet to make significant moves in the market. They might be taking a cautious approach and observing developments related to the proposed Ethereum ETFs before making their next steps.
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2024-05-23 08:44