Ethereum co-founder, Jeffrey Wilcke, recently transferred a significant amount of ETH to the Kraken exchange. The transfer amounted to 20,000 ETH, which is worth over $72 million. This is the fourth time Wilcke has transferred ETH to Kraken this year, totaling over $147 million.
Despite this transfer, Wilcke’s wallet still holds 106,006 ETH. The community has been closely scrutinizing the Ethereum Foundation and its co-founders due to these large transfers. In August, the EF moved 35,000 ETH to Kraken, raising concerns among the community.
EF contributor Josh Spark and Ethereum co-founder Vitalik Buterin explained that these transfers were made to support institutions that enhance Ethereum’s ecosystem. Buterin also clarified that he has not profited personally from these transactions since 2018, with all sales being used to support valuable projects within the Ethereum ecosystem or charitable causes.
Investors in ETH are concerned about the cryptocurrency’s performance this year compared to Bitcoin and Solana. While Bitcoin and Solana have seen significant returns in 2024, with close to 116% and 109% respectively, ETH has only gained 51.5% so far.
The community continues to monitor these large transfers and the impact they may have on the Ethereum ecosystem. It remains to be seen how these actions will influence the future of ETH and its market performance.