Ex-Ethereum co-founder Jeffrey Wilcke transferred a huge amount of Ethereum to a Karken account on November 28th. According to Lookonchain data, Ethereum co-founder Jeffrey Wilcke sent 20,000 $ETH worth $75.2M to a Kraken account.
The ETH transfer comes at a time when the prices for the second-biggest cryptocurrency have crossed the $3,600 mark, marking an important milestone.
Wilcke’s Actions Stay In Tandem With Vitalik Buterin
Wilcke’s actions are not the only ones that the market has witnessed in terms of Ethereum transfer. Previously, Vitalik Buterin, co-founder of Ethereum, reportedly sold 760 ETH for $1.835 million USDC.
Spot On Chain claimed that the sales originated from a multi-signature address that Arkham identified as belonging to Vitalik’s wallet. On August 9 and 30, 3,800 ETH, or about $9.99 million, were transferred from Vitalik’s associated wallets to this address.
Vitalik Buterin had exchanged Ethereum for some of the memecoin tokens he had been given for free. According to UnoCrypto calculations, the transaction occurred when the price of Ethereum was rising, making the deal worth $340,000.
Buterin has previously transferred about $10 million in Ethereum into wallets linked to cryptocurrency exchanges. Since the market was still erratic at the time, the move sparked a lot of discussion, with many people wondering why.
A common trait in these transactions is the price of Ethereum. All these transactions occurred when ETH prices were on the rise, making many wonder now if Wilcke is also planning to sell his holdings in order to undertake some profit-taking.
Ethereum Prices Rise Above $3,600
The price of Ethereum has increased to a new high of $3,600 after breaking above its resistance level of $3,400, indicating that investors have increased their trading activity in the second-largest cryptocurrency by volume.
Since the US 2024 election results were released on November 5, investors had been anticipating a bull run for ETH prices, thus the ascent to this level is a little delayed.
The election results gave Bitcoin the boost it needed and instilled optimism in the whole cryptocurrency sector. Ethereum’s and most other major cryptocurrencies’ prices are subject to fluctuations in tandem with those of Bitcoin. To keep up with this investor mood, ETH prices were a touch slow.
One of the primary reasons for Ethereum’s price growth at the moment is the growing popularity of DeFi (Decentralized Finance). Most DeFi activity occurs on Ethereum’s blockchain network, which is also home to several DeFi initiatives. This has caused and is still causing Ethereum prices to rise in the cryptocurrency market.