This week, a major event in the cryptocurrency world occurred as Ethereum co-founder Jeffrey Wilcke transferred 20,000 ETH to the Kraken exchange.
Background: Jeffrey Wilcke's Market Actions
Jeffrey Wilcke, co-founder of Ethereum, made a significant transaction by transferring 20,000 ETH ($72.5 million) to the Kraken exchange. This is the fourth instance this year of Wilcke selling large volumes of ETH, bringing the total to 44,300 ETH sold in 2024.
Market Reaction to Wilcke's Sale
Following the transaction, Ethereum's price surged by 8%, reaching $3,615. Despite a subsequent decline of 2.07%, the market stabilized at this level. Such events often lead to price hikes, creating a pattern that traders might be interested in.
Other Market Changes in Ethereum
Simultaneously, 90.8% of Ethereum holders are now in profit — the highest level since June. Meanwhile, Vitalik Buterin donated 340 ETH ($1.094 million) to support cryptocurrency projects, highlighting his dedication to the industry's development.
Current market actions in Ethereum, including significant transactions from its founders, continue to influence the cryptocurrency's status, spurring growth and investor interest.
