The wallet activity of Jeffrey Wilcke, one of the co-founders of Ethereum, has been interpreted by analysts monitoring on-chain data as a significant sign of a potential sell-off.
According to on-chain data, Wilcke transferred approximately 79,258.61 ETH, which is worth approximately $157 million at current prices.
According to analyses, the address believed to belong to Wilcke became active again after approximately 7 months of inactivity. It was observed that this address sent a large amount of ETH to the Kraken cryptocurrency exchange via four different addresses within just a few minutes.
According to on-chain data, Wilcke’s main wallet still holds 27,421.73 ETH after the transfers. At current market prices, this amount is estimated to be worth approximately $54.37 million.
It is noteworthy that the ETH price is still in the green zone after this development, having been active for the past 24 hours. The world’s largest altcoin is trading at $1,979 at the time of writing.
On the other hand, the crypto portfolio of Vitalik Buterin, another co-founder of Ethereum, is also noteworthy. According to on-chain data, Buterin’s total portfolio value is approximately $446.5 million. The majority of this portfolio consists of 224,119 ETH, which is valued at approximately $443.3 million.
*This is not investment advice.