Is Ethereum Co-Founder’s $75m Kraken Deposit Sign of Market Peak? – Cryptocurrency Update
Jeffrey Wilcke, Ethereum co-founder, recently made headlines by transferring $75.2 million worth of Ether to Kraken, a prominent crypto exchange based in California. This sizable deposit has sparked speculation among the community about a potential market correction.
Wilcke’s history of transactions has sometimes foreshadowed price declines in Ethereum. Past instances, such as deposits of 15,000 ETH on Jan. 6, 2021, and 4,300 ETH and 10,000 ETH on Feb. 11 and Feb. 14, 2024, respectively, were followed by price drops. Despite this recent transfer, Wilcke still holds a substantial amount of 106,006 ETH, valued at over $384 million.
It’s worth noting that Ethereum leaders and organizations selling ETH have faced criticism in the past. Earlier this year, the foundation sold 4,266 ETH, prompting backlash from users who accused them of profiting off reserves. Vitalik Buterin, ETH co-creator, clarified that these sales were used to fund initiatives and support the Ether ecosystem.
Following the U.S. general elections on Nov. 6, the crypto market experienced an uptick, with Ethereum reaching $3,550. While this was a significant increase, ETH was still about 28% off its previous all-time high of $4,878.
Overall, Wilcke’s deposit has stirred curiosity within the community, especially given his history of transactions and their impact on Ethereum prices. It will be interesting to see how this recent move plays out in the market.
