Main navigation

Ethereum Co-founder Sends 22,000 ETH to Kraken in Massive Move

Mon, 06/05/2023 - 16:40
article image
Tomiwabold Olajide
22,000 ETH transferred by Ethereum co-founder to Kraken in massive transaction
Ethereum Co-founder Sends 22,000 ETH to Kraken in Massive Move
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Wu Blockchain reports a massive ETH move by Ethereum co-founder Jeffrey Wilcke. According to Wu, Wilcke transferred 22,000 ETH worth over $41 million to the Kraken exchange.

He adds that the last time Jeffrey Wilcke's address transferred ETH out was 29 months ago, on Jan. 6, 2021, when he transferred 15,000 ETH to Kraken.  At present, Jeffrey Wilcke's address reportedly holds more than 150,000 ETH, valued at over $280 million.

On-chain analytics firm Lookonchain likewise spotted this massive ETH move. It notes that Jeffrey Wilcke, the co-founder of Ethereum, deposited 22,000 ETH worth $41 million to Kraken a few hours ago.

Lookonchain observed that the move coincided with a marginal 0.4% drop in the ETH price. The on-chain analytics provider thinks that given the -2% depth data it observed on Kraken, the Ethereum co-founder might not have sold all of the ETH. At the time of writing, ETH was down 2.04% in the last 24 hours at $1,865.

It added the noteworthy fact that Wilcke sent a test transaction of 0.001 ETH 30 minutes before depositing 22,000 ETH.

The motive behind the massive Ethereum move remains unknown at press time. However, the reasons why investors often send their coins to exchanges include selling them, for staking reasons, airdrops and others.

Large nonexchange addresses now hold all-time high ETH supply

On-chain analytics firm Santiment observes that as more ETH moves away from exchanges into self-custody and DeFi options, many of these coins have been absorbed by the largest whale addresses on the ETH network.

It reports that the 10 largest nonexchange addresses now hold an all-time high of 31.8 million ETH worth $59.47 billion.

As reported, global investment manager VanEck predicts that the price of ETH might reach $11,800 in 2030.

Furthermore, VanEck discounted Ethereum at 12%, finding today's discounted price to be $5,359.71. This might suggest ETH could be undervalued at its current price of $1,865.

article image
About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.