Ethereum Co-Founder Sends 20,000 ETH To Kraken As Price Hits 5-Month High

A wallet linked to Ethereum co-founder and core developer Jeffrey Wilcke moved a huge chunk of 20,000 ETH worth millions of dollars to U.S. cryptocurrency exchange Kraken.

Data from blockchain sleuth Arkham Intelligence shows that the transfer happened shortly after Ether, the second-largest cryptocurrency by market capitalization, topped a five-month high price of $3,647 earlier Thursday.

Ethereum’s Jeffrey Wilcke Dumps $72.5 Million Worth Of ETH

Wilcke sold approximately 10,000 ETH for roughly $37 million in May, Spot On Chain data shows. He has made four transfers so far in 2024, raking in about $148 million.

Wilcke still holds around 106,000 ETH, worth around $382 million based on current market prices, despite the sales.

The chart shared by Spot On Chain indicates that the price of Ether spiked every time the ETH cofounder offloaded his tokens this year, including this time.

Ether Price Action

Ethereum became the laughingstock of the crypto community over the last year as they mocked the crypto’s mediocre gains. Compared to other major cryptocurrencies, ETH has underperformed, rising 72.5% since the beginning of the year; Bitcoin (BTC) has climbed 148% over the same time frame, while Ether killer Solana (SOL) has leaped a whopping 303%.

According to CoinGecko, Ether made a strong move toward $3,700 early Thursday, but the bullish momentum slowed, leading to a retreat. It was changing hands for $3,558 at publication time, down 1.8% over the past 24 hours. Notably, the crypto has to jump another 27.2% before it beats its 2021 all-time high of $4,878.26.