🌎 Ethereum Co-Founder Transfers $75M in ETH to Kraken

Ethereum Co-Founder’s Large Transaction Sparks Market Correction Concerns

Ethereum’s Jeffrey Wilcke Transfers $75.2 Million in ETH to Kraken

Ethereum co-founder Jeffrey Wilcke has transferred 20,000 Ether, valued at $75.2 million, to the centralized crypto exchange Kraken. The transaction has raised speculation about a potential market correction, as an exchange deposit often signals a plan to sell.

Wilcke’s Past Transactions Preceded Price Declines

Community members have pointed out that Wilcke’s past transactions have sometimes preceded price declines in Ethereum. For example, on January 6, 2021, Ethereum’s price fell after Wilcke deposited 15,000 ETH. Similarly, on February 11 and February 14, 2024, his movements of 4,300 ETH and 10,000 ETH, respectively, were followed by price drops.

Despite the recent transaction, Wilcke still holds 106,006 ETH, valued at over $384 million. This significant holding suggests that the co-founder is not entirely exiting the market.

Ethereum Leaders’ Transactions Under Scrutiny

Ethereum leaders and organizations selling ETH or making exchange deposits have always drawn public ire. Earlier this year, the Ethereum Foundation sold 4,266 ETH, worth over $12 million, prompting backlash from users accusing it of profiting off reserves. However, Vitalik Buterin, ETH co-creator, clarified that the foundation liquidates bits of its holdings to fund initiatives and finance its operations.

Ethereum’s Price Movement and Market Trends

Ether’s price experienced an uptick alongside other cryptocurrencies after the November 6 U.S. general elections. As the total crypto market whipsawed to $3.4 trillion, ETH rose to $3,550. The token was around 28% off its previous all-time high of $4,878.

Given the current market trends and Wilcke’s recent transaction, investors should be cautious and keep a close eye on Ethereum’s price movement. It is essential to consider multiple factors before making any investment decisions.

Key Takeaways:

Ethereum co-founder Jeffrey Wilcke transferred 20,000 ETH to Kraken, sparking market correction concerns.
Wilcke’s past transactions have sometimes preceded price declines in Ethereum.
Ethereum leaders’ transactions are under scrutiny, with the Ethereum Foundation facing backlash for selling ETH reserves.
Ethereum’s price experienced an uptick after the U.S. general elections, but investors should remain cautious.