The recent Ethereum (ETH) sales by one of its co-founders, Jeffrey Wilcke, have garnered attention from the crypto community. We take a closer look at the history and market influence of these sales.
History of Jeffrey Wilcke’s ETH Sales
Jeffrey Wilcke, a co-founder of Ethereum, recently sent 20K ETH to the Kraken exchange, continuing his trend of liquidating his initial ETH share that began with the 2021 bull market. Wilcke started with an allocation of 463,203 ETH after the network's launch in 2016. Since then, he has deposited a total of 356,805 ETH to exchanges, with an average price of $190 per ETH before the bull market.
Impact of Sales on the Market
After resuming sales in the summer of 2023, Wilcke liquidated over 63K ETH, retaining another 106K ETH in his wallet. Although ETH's price did not stall its upward trend, market movements suggest an expected correction. The $70M inflow of ETH is small compared to over $70B in exchange liquidity.
ETH Forecasts and Expectations
ETH's value hit $3,549.30, with a potential stop at $4,000 if the $3,700 resistance level is breached. ETH’s open interest is at $16.1B, with a 72% long position dominance, indicating potential short-term corrections.
While co-founder ETH sales cause temporary market fluctuations, ETH maintains a positive long-term outlook, supporting growth and expansion of its ecosystem.
