Transfer by Ethereum co-founder Draws Attention Amidst Price Surges
The Securities and Exchange Commission (SEC) is set to make a statement regarding the approval of a spot Ethereum exchange-traded fund (ETF) today. In the midst of this anticipation, Jeffrey Wilcke, co-founder of Ethereum, made a significant deposit of 10,000 Ether (ETH) into the Kraken Exchange during the Asian morning hours on Thursday. This is not the first time Wilcke has made such deposits, as he has been drawing attention from the crypto community with multiple ETH transfers since the beginning of 2024.
Investors and market observers have been particularly interested in Wilcke’s recent actions, as his latest deposit amounted to $37.38 million, with the price of ETH trading at $3,738 at the time. In February of this year, he made two deposits to the Kraken exchange, first depositing 4,300 ETH on February 10, 2024, followed by a larger deposit of 10,000 ETH just four days later, when the altcoin was trading at an average of $2,650.
Wilcke’s previous major transaction took place in June 2023, where he transferred 22,000 ETH worth $41 million right before a market crash. This was his first significant action in over two years, as he had been relatively inactive in the market. After the June 2023 transaction, Wilcke held a total of 150,000 ETH. However, his current Ethereum holdings have now decreased to 126,000 ETH, worth $475 million, after the recent deposit. The timing of Wilcke’s deposit is surprising considering the recent price surges witnessed by Ethereum.
In addition to Wilcke’s transaction, there have been other notable movements by Ethereum whales in the past 12 hours. Another whale account deposited nearly 11,000 ETH to Coinbase, and Ethereum co-founder Vitalik Buterin transferred $300,000 worth of ETH to privacy protocol Railgun on Wednesday. These whale movements have attracted the attention of investors who are trying to analyze their strategies.
In other news, there is speculation about the passage of the FIT21 Bill in the Senate, with bipartisan backing potentially securing its approval.