Jeffrey Wilcke, one of the cofounders of Ethereum, transferred 10,000 ETH to major U.S. exchange Kraken today, as reported by Spot On Chain. The transfer, valued at approximately $37.38 million, was made at an exchange rate of $3,738 per ETH. This significant deposit is part of a series of large transactions by Wilcke, who has transferred a total of 24,300 ETH to Kraken since the beginning of 2024, totaling around $75.52 million.

Wilcke, a key figure in the development of Ethereum (ETH), cofounded the blockchain platform with Vitalik Buterin. His recent activity on the market has garnered significant attention, especially in light of the recent surge in the price of ETH.

Recall that since the beginning of this week, the price of the leading altcoin has risen by more than 23%, marking the largest weekly increase since May 2021. The surge has seen the price of ETH rise to $3,780, bringing it close to an all-time high of $4,868.

The significant price rise came amid rising expectations of a positive decision on the Ethereum ETF, which is expected to become known today.

In addition to Wilcke's transfers, other prominent figures in the community have also made notable moves. Vitalik Buterin, another Ethereum cofounder, recently transferred 80 ETH, worth about $300,000, to the Railgun coin mixer.

The transaction is part of monthly tranches by Buterin to the mixer over the past six months, raising questions about the strategic maneuverings of key players in the Ethereum ecosystem.

Wilcke still owns a significant amount of Ethereum, with 126,000 ETH worth about $473 million remaining in his possession. While greed and fear rule the market, it seems that watching the actions of insiders is more important than ever.