Ethereum Co-founder Deposits $72.5 Million Worth ETH to Kraken

Jeffrey Wilcke, the co-founder of Ethereum, deposited around 20,000 ETH to Kraken a few hours back.

Background

• The tokens sent were approximately worth $72.5 million
• Wilcke still holds 106k ETH tokens
• They’re approximately worth $384 million

Why should you pay attention?

• Wilcke has sold the asset a handful of times this year
• Prior to this, he unloaded two chunks of 10k tokens each in May and February
• Before that, in February again, he let go of 4.3k tokens

Who said what?

• Data analytics platform Spot On Chain brought to light,

“This is the fourth time he unloaded ETH in 2024, totaling 44,300 ETH ($148 million) at an average price of $3,342”

• Chalking out another sell-trend, Lookonchain revealed,

“Before the 2021 Bull Market: Wilcke transferred 290,505 ETH ($55M) to exchanges, with an average deposit price of $190”

• Meanwhile, during the 2021- 22 bull market phase, he did not deposit any ETH into exchanges
• He then resumed depositing again in 2023

Zooming out

• The price of ETH has not always outrightly reacted to Wilcke parting ways with his tokens
• When zoomed out, ETH has always bounced back on the heels of the executive’s selling
• Over the past week, the asset has fared decently on the price front
• While BTC seems to be engulfed within its correction mode, ETH has registered a 5.4% uptick over the past seven days
  

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