Ethereum

Ethereum co-founder Jeffrey Wilcke has transferred $75.2 million worth of Ether to Kraken, raising speculation about a potential market correction. 
On-chain data <a href="https://x.com/lookonchain/status/1862114524851273824" target="_blank" rel="nofollow">showed</a> that Wilcke sent 20,000 Ether (<a href="https://crypto.news/price/ethereum/" target="_blank">ETH</a>) to the California-located centralized crypto exchange Kraken. The motivation for Wilcke’s move was unknown, but an exchange deposit usually signals a plan to sell.&nbsp; 
Community members highlighted that Wilcke’s past transactions have sometimes preceded price declines in Ethereum. 
For instance, on Jan. 6, 2021, Ethereum’s price fell after Wilcke deposited 15,000 ETH. Similarly, on Feb. 11 and Feb. 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 $384 million, according to LookOnChain. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Jeffrey Wilcke, the Co-founder of <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Ethereum</a>, deposited 20,000 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$ETH</a>($75.2M) to <a href="https://twitter.com/hashtag/Kraken?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Kraken</a> 40 minutes ago. He currently still holds 106,006 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$ETH</a>($384M).<a rel="nofollow" href="https://t.co/COogoo3VqG" target="_blank">https://t.co/COogoo3VqG</a> <a rel="nofollow" href="https://t.co/pbBUEkwm62" target="_blank">pic.twitter.com/pbBUEkwm62</a>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1862114524851273824?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">November 28, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
 You might also like: <a rel="" href="https://crypto.news/qcp-capital-ethereum-eyes-35-rally-as-spot-etf-inflows-hit-90m/"> QCP Capital: Ethereum eyes 35% rally as spot ETF inflows hit $90m </a> 
Ethereum leaders and organizations selling ETH or making exchange deposits have always <a href="https://crypto.news/ethereum-foundation-eth-transfer/" target="_blank">drawn</a> public ire. Earlier this year, the foundation sold 4,266 ETH, worth over $12 million, prompting backlash from users accusing it of profiting off reserves. 
Users blasted the non-profit organization for supposedly profiting off its Ether reserves. ETH co-creator Vitalik Buterin clarified that the foundation liquidates bits of its holdings to fund initiatives and finance its operations. 
Indeed, the foundation’s annual report <a href="https://crypto.news/eth-nears-3k-as-ethereum-foundation-bets-on-its-long-term-perspective/" target="_blank">revealed</a> most of its cash was earmarked for supporting the Ether ecosystem or rewarding projects focused on advancing the largest decentralized finance blockchain. 
Ether’s price experienced an uptick alongside other cryptocurrencies after the Nov. 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. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="601" src="https://crypto.news/app/uploads/2024/11/ETHUSDT_2024-11-28_17-32-11-1024x601.png" alt="Does Ethereum co-founder’s $75m Kraken deposit mark a top? - 16" class="wp-image-14314757">
 <figcaption class="wp-element-caption">
 24-hour ETH price chart – Nov. 28 | Source: <a href="https://crypto.news/price/ethereum/" target="_blank">crypto.news</a>
 </figcaption>
</figure> 
 Read more: <a rel="" href="https://crypto.news/top-analyst-explains-why-ethereum-price-could-hit-10000/"> Markets Top analyst explains why Ethereum price could hit $10,000 </a>

Does Ethereum co-founder’s $75m Kraken deposit mark a top?

crypto.news

Other articles published on Nov 28, 2024

Dragon Ball, One Piece studio’s Web3 game, Sun is top Trump crypto holder: Asia Express

21Shares Expands Offerings with New ETPs

BTFD Coin Dominates Investor Attention As Best Meme Coins to Buy Now While Book of Meme and Bonk ...

IOTA Rebased Proposal Highlights: 50k+ TPS, MoveVM, EVM Support, and Full Decentralization

Why is Ethereum Name Service (ENS) Price UP?

Time Is Running Out! This Cryptocurrency Aims for 10,000% Growth, Surpassing DOGE and PEPE!

Join our free newsletter for daily crypto updates!