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Ethereum co-founder Jeffrey Wilcke sells another 20K ETH amid community discontent

The latest whale selling for Ethereum (ETH) originated from the wallets of Jeffrey Wilcke, one of the project’s co-founders. Another 20K ETH acquired at a low price range was sent to Kraken.

Jeffrey Wilcke, one of the co-founders of Ethereum (ETH) sent 20K ETH to Kraken. The recent transfer follows a pattern where Wilcke continues to liquidate his initial share of ETH since the 2021 bull market.

Wilcke started with a founder’s allocation of 463,203 ETH after the network’s launch in 2016. Since then, he has deposited a total of 356,805 ETH to exchanges. Before the 2021 bull market, Wilcke transferred a total of 290,505 ETH to exchanges at an average deposit price of $190.

After a pause, Wilcke resumed selling in the summer of 2023, liquidating more than 63K ETH. The wallet retains another 106K ETH, which can be sold at a much higher average price. The deposits to exchanges do not guarantee selling, and may be a preparation for a bigger ETH rally. However, the selling pressure may slow down as this early wallet has divested a large percentage of its holdings.

Following the new inflow of ETH, the token’s price did not stall its rally above $3,500. However, the selling raised the issue of early ETH founders failing to hold the token at key moments. Wilcke’s move is similar to selling from the Ethereum Foundation, usually taken as an indicator of a local market peak, followed by a price drawdown.

The worries about ETH hinge on its still-delayed major rally, as the asset is still under $4,000 while BTC broke into a new price range. The readiness of early Ethereum investors to sell is often criticized by the community. Vitalik Buterin has also continued to sell hundreds of ETH, though mostly for donations and investments.