Sending large amounts of crypto to exchanges in the crypto money market is generally interpreted as a sale.
In this context, Ethereum co-founder Jeffrey Wilcke transferred 22,000 ETH worth $41.13 million to cryptocurrency exchange Kraken today.
While it is not yet clear whether the ETH co-founder is selling ETH, popular crypto platform Lookonchain stated that the price of Ethereum dropped 2% after Wilcke's transfer.
Jeffrey Wilcke ( the co-founder of Ethereum ) deposited 22K $ETH($41M) to #Kraken 2 hrs ago.
And the price of $ETH dropped by 0.4%.
According to the -2% Depth data on #Kraken, he should not have sold all of the $ETH.https://t.co/ps5Th79BWu pic.twitter.com/HVbEV5IMrf
— Lookonchain (@lookonchain) June 5, 2023
Jeffrey Wilcke, who made his last big ETH sale on January 5-6, 2021, again sent and sold his ETHs to Kraken. Wilcke had sold 15,000 ETH at that time.
Ethereum co-founder Wilcke still has 150,038 ETH worth $280.32 million.
Apart from Wilcke, Ethereum founder Vitalik Buterin also sold 200 ETH in May. Like Buterin, the Ethereum Foundation did the same, transferring ETH to Kraken and selling a total of 15,000 ETH.
ETH transfers and sales by Vitalik Buterin and the Ethereum Foundation, most recently Jeffrey Wilcke, are causing the FUD in the crypto community to rise and the Ethereum price to fall.
The ETH price, which started the day with a decrease, fell to $ 1,860 after Wilcke's transfer. At the time of writing, Ethereum price continues to decline further with the move of the SEC, trading at $ 1,807.
*Not investment advice.
