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
