Ethereum co-founder Jeffrey Wilcke has caused a stir by reportedly selling off a portion of his ETH holdings during the recent price surge.
According to SpotonChain, Wilcke transferred 10,000 ETH (roughly $37.38 million) to the Kraken exchange. This follows a pattern of selling throughout 2024, with a total of 24,300 ETH (around $75.52 million) moved to Kraken since January.
While Wilcke retains a significant 126,000 ETH (valued at approximately $473 million), his actions suggest a desire to capitalize on the current price increase. Notably, his selling began when prices were lower and his latest transfer preceded another price jump.
This has some experts questioning his strategy. However, the overall market seems healthy. Despite an increase in circulating ETH, normally a bearish sign, prices have remained stable. This suggests strong demand is keeping pace with the rising supply.
Ethereum’s recent nearly 30% gain in the past week coincide with significant regulatory movements in the US. The SEC’s revised stance on Ethereum ETFs has prompted exchanges to update their filings, with a decision on the VanEck Ethereum ETF application expected soon. Institutions are predicting an imminent approval.
