Jeffrey Wilcke, one of Ethereum's co-founders, has moved 20,000 ETH (worth approximately $72 million) to cryptocurrency exchange Kraken, continuing his pattern of gradual token liquidation since 2016.
The transfer occurred shortly after Ethereum's price reached $3,600, marking Wilcke's fourth ETH liquidation in 2024. Combined with his previous sales this year, the total value of his liquidations has reached roughly $148 million.
This latest movement follows Wilcke's consistent selling pattern of his initial 463,203 ETH allocation. Since 2016, he has transferred 356,805 ETH to various exchanges. A substantial portion of these transfers - 290,505 ETH - occurred before the 2021 bull market at an average price of $190 per token. In 2023, Wilcke resumed his selling activity, moving over 63,000 ETH during the summer months.
Despite these substantial transfers, Wilcke still maintains a considerable position of 106,000 ETH, valued at approximately $382 million at current market prices. While the transfers to exchanges don't necessarily indicate immediate sales, they could suggest preparation for future market movements.
The timing of this transfer coincides with Ethereum's recent price movements, as the cryptocurrency briefly approached $3,700 before settling around $3,570. The market has shown mixed reactions, particularly as Ethereum has yet to break through the $4,000 barrier while Bitcoin has reached new price territories.
The crypto community often watches such large transfers closely, as movements by early investors can influence market sentiment. Currently, over 34.2 million ETH are staked in the network, with whales collectively holding 65.1 million ETH across various wallets and exchanges.