Ethereum's cryptocurrency, ETH, saw a significant increase earlier this week, climbing 30% to surpass $3,800. This boost was largely driven by optimism surrounding the potential approval of a spot Ethereum ETF by the U.S. Securities and Exchange Commission (SEC).

Ethereum Co-founder's Moves

According to on-chain data, Jeffrey Wilcke, one of Ethereum's co-founders, has taken advantage of this price rise by selling some of his holdings. SpotonChain's recent data shows that Wilcke transferred 10,000 ETH, worth approximately $37.38 million at a rate of $3,738 per ETH, to the cryptocurrency exchange Kraken just two hours ago. This indicates that Wilcke has been partially cashing out his ETH during the current price increase.

Since the start of 2024, Wilcke has deposited a total of 24,300 ETH to Kraken, amounting to about $75.52 million at an average price of $3,108 per ETH. Interestingly, his latest deposit occurred right before ETH's significant price jump. Despite these sales, Wilcke still holds 126,000 ETH, valued at around $473 million.

Ether ETF Prospects

Several companies aiming to launch Ethereum ETFs updated their filings on Wednesday, as the SEC's decision on VanEck's Ethereum ETF application is expected later today. While major institutions like Standard Chartered anticipate an approval this week, some analysts believe the first spot Ether ETF might not be approved until late July or early August.

Interestingly, the recent ETH price surge appears to be primarily driven by retail investors, with large holders, or "whales," remaining largely inactive. These whales are likely observing the market to see how the Ether ETF developments unfold.

In conclusion, while Ethereum's co-founder Jeffrey Wilcke is taking advantage of the price surge to cash out some of his holdings, the market is abuzz with speculation about the potential approval of a spot Ethereum ETF. Retail investors are driving the current price rally, while major players wait on the sidelines, anticipating further developments.