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Ethereum co-founder Jeffrey Wilkie transferred $75.2 million worth of ether to Kraken, sparking speculation about a possible market correction.
Data on the chain Show Wilkie sent 20,000 ether (Ethereum) to the central cryptocurrency exchange Kraken located in California. The motive for Wilkie’s move was unknown, but an exchange filing usually indicates a plan to sell.
Community members highlighted that Wilkie’s previous transactions sometimes preceded Ethereum price declines.
For example, on January 6, 2021, the price of Ethereum fell after Wilkie deposited 15,000 ETH. Likewise, on February 11 and 14, 2024, its movements of 4,300 ETH and 10,000 ETH respectively were followed by a price decline. Despite the latest deal, Wilkie still owns 106,006 ETH, worth more than $384 million, according to LookOnChain.
Ethereum leaders and organizations that sell ETH or make exchange deposits have always been there Drawn Public anger. Earlier this year, the organization sold 4,266 Ethereum, worth more than $12 million, sparking a backlash from users who accused it of profiting from reserves.
Users criticized the non-profit organization for allegedly profiting from its ether reserves. Vitalik Buterin, co-founder of ETH, explained that the institution is liquidating parts of its holdings to fund initiatives and fund its operations.
Indeed, the annual report of the institution open Most of its funds are allocated to support the Ether ecosystem or reward projects focused on developing the largest decentralized finance blockchain.
The price of Ether saw a slight rise along with other cryptocurrencies after the US general elections on November 6. With the total cryptocurrency market rising to $3.4 trillion, ETH rose to $3,550. The token was about 28% below its previous all-time high of $4,878.
