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.