Ethereum co-founder transfers 20,000 ETH to Kraken as price hits $3,600
Ethereum's price rally might encourage sales, yet Wilcke retains a large crypto reserve.
A wallet connected to Ethereum co-founder Jeffrey Wilcke moved 20,000 ETH worth $72.5 million to crypto exchange Kraken, according to data tracked by Arkham Intelligence. The transfer took place shortly after Ethereum’s price topped $3,600 earlier this morning.
According to Spot on Chain, Wilcke sold 10,000 ETH for approximately $37 million in May. He has completed four transfers so far this year, netting around $148 million.
Jeffrey Wilcke, #Ethereum co-founder, deposited 20,000 $ETH ($72.5M) to #Kraken 30 minutes ago, just as $ETH made a strong comeback today!
This is the fourth time he unloaded $ETH in 2024, totaling 44,300 $ETH ($148M) at an average price of $3,342.
Follow @spotonchain now and… https://t.co/zriXX9jbKD pic.twitter.com/iDEeptqrKI
— Spot On Chain (@spotonchain) November 28, 2024
Despite a reduction in ETH holdings, Wilcke still holds approximately 106,000 ETH, valued at around $382 million based on current market prices.
Data from CoinGecko shows that Ethereum made a strong push towards $3,700 early Thursday, but the momentum stalled, leading to a slight pullback. It was trading at $3,587 at press time, up almost 3% in the last 24 hours.
This is a developing story.