As anticipation grows for the potential SEC approval of spot Ethereum ETFs, Ethereum's price has surged over 23% in recent days. Amid this rally, Ethereum co-founder Jeffrey Wilcke made a significant move by transferring 10,000 ETH, valued at $37.38 million, to the cryptocurrency exchange Kraken.
Wilcke's ETH Transfer to Kraken: Strategic Sale Amid Price Surge While Retaining Major Holdings
Jeffrey Wilcke's transfer of a large amount of ETH to Kraken is often interpreted as a sale, especially during a price increase. This transaction aligns with Wilcke's strategy to capitalize on the recent price surge. Despite these substantial transfers, Wilcke maintains a significant holding of ETH.
Ethereum Co-Founder Wilcke's Major ETH Transfers Highlight Confidence Amid Market
According to Spot On Chain data, Wilcke's latest transfer adds to his earlier deposits, amounting to 24,300 ETH worth $75.52 million since the start of 2024. These deposits were made at an average price of approximately $3,108, with the most recent transaction occurring before the recent price rise.
Despite these transactions, Wilcke still holds a considerable 126,000 ETH, valued at $473 million. This significant holding highlights Wilcke's continued confidence in Ethereum's long-term potential.
As of the latest data, Ethereum continues to trade at $3,803. The market remains optimistic about the potential approval of spot Ethereum ETFs, which could further influence ETH's price trajectory.
#Ethereum co-founder Jeffrey Wilcke (@jeffehh) deposited 10,000 $ETH ($37.38M) to #Kraken at $3,738 ~2hrs ago.
Since the start of 2024, he has deposited 24,300 $ETH to Kraken at ~$3,108 ($75.52M), with the last deposit done before the price started to soar!
Currently, Jeffrey… pic.twitter.com/sERRId8yfj
— Spot On Chain (@spotonchain) May 23, 2024
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Conclusion: Strategic Moves Amidst Market Optimism
Jeffrey Wilcke's transfer of ETH to Kraken amidst a market rally underscores the strategic maneuvers of major holders in response to market conditions. While such moves may signal profit-taking, Wilcke's substantial remaining holdings indicate sustained confidence in Ethereum's future performance. Investors and market watchers continue to monitor these developments closely, particularly in light of the growing anticipation for regulatory advancements in the crypto ETF space.