Ethereum Co-Founder Moves $72.5M to Kraken Amid Market Recovery

Ethereum, the second-largest cryptocurrency by market cap, has trailed behind Bitcoin in terms of performance throughout much of the year.

However, recent market activity has seen Ethereum rally past $3,600, gaining over 4% in just 24 hours.

This upward momentum appears to have influenced Ethereum co-founder Jeffrey Wilcke, who recently transferred 20,000 ETH—valued at approximately $72.5 million—to the Kraken exchange.

In the crypto space, such large transfers to exchanges are often associated with potential sales, suggesting Wilcke may be taking profits amid Ethereum’s recovery.

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Despite this substantial move, Wilcke remains a major holder of Ethereum. Data from Arkham reveals he still controls 106,000 ETH, worth around $384 million.

This latest transaction marks his fourth significant ETH sale in 2024, totaling 44,300 ETH sold, with an average price of $3,342 per token.

Alexander Stefanov