Ethereum Co-Founder Moves $72.5M to Kraken Amid Market Recovery

Ethereum, the second-largest cryptocurrency by market cap, has trailed behind Bitcoin in terms of performance throughout much of the year.

However, recent market activity has seen Ethereum rally past $3,600, gaining over 4% in just 24 hours.

This upward momentum appears to have influenced Ethereum co-founder Jeffrey Wilcke, who recently transferred 20,000 ETH—valued at approximately $72.5 million—to the Kraken exchange.

In the crypto space, such large transfers to exchanges are often associated with potential sales, suggesting Wilcke may be taking profits amid Ethereum’s recovery.

Despite this substantial move, Wilcke remains a major holder of Ethereum. Data from Arkham reveals he still controls 106,000 ETH, worth around $384 million.

This latest transaction marks his fourth significant ETH sale in 2024, totaling 44,300 ETH sold, with an average price of $3,342 per token.