One of Ethereum’s (ETH) co-founders, Jeffrey Wilcke, made headlines by transferring 10,000 ETH to the US-based cryptocurrency exchange Kraken, according to Spot On Chain’s data. The transaction, valued at $37.38 million at $3,738 per ETH, is the latest in a series of significant transfers made by Wilcke.
Sold $75.52 Million Worth of ETH Since the Beginning of the Year
Since the beginning of 2024, Wilcke has transferred a total of approximately $75.52 million worth of 24,300 ETH to Kraken. These transfers have drawn attention due to Wilcke’s significant role in the development of Ethereum alongside Vitalik Buterin.
Notably, the timing of these transactions coincided with a significant rise in ETH’s price. ETH has surged over 23% since the beginning of the week, marking its largest weekly increase since May 2021. This price surge has brought the altcoin king closer to its all-time high of $4,868, currently standing at $3,780. The price increase is largely driven by growing expectations of a positive decision on a spot Ethereum ETF in the US expected today.
In addition to Wilcke’s transactions, other key figures in the Ethereum community have made notable moves. Another Ethereum co-founder, Vitalik Buterin, recently transferred 80 ETH worth approximately $300,000 to the Railgun crypto mixer. This transaction was part of a series of transfers Buterin has made to the mixer over the past six months, leading to speculation about the strategic intentions of Ethereum insiders.
Still Holds $473 Million Worth of ETH
Wilcke’s recent transfers have sparked curiosity about market activity, especially given the current upward trend in ETH’s price. Despite the large transfers, Wilcke still holds a substantial amount of ETH, approximately 126,000 ETH worth around $473 million. Along with Buterin’s actions, Wilcke’s moves highlight the importance of monitoring insider trading within the Ethereum ecosystem.
Currently, the cryptocurrency market signals a mix of greed and fear, and transactions by prominent figures like Wilcke and Buterin provide critical insights into the dynamics at play. While their transactions may indicate broader market strategies or personal financial decisions, it is essential to recognize their undeniable influence on market sentiment and investor behavior.
