Ethereum co-founder Jeffrey Wilcke has recently attracted attention with his large ETH transfers, and the effects of these sales on the market have begun to be discussed.$ETH
Wilcke’s large-scale ETH sales in 2023 and 2024 are creating significant movement in the crypto market. According to data provided by Spot On Chain and Lookonchain, Wilcke transferred approximately 356,805 ETH of the total 463,203 ETH he received from the Ethereum Foundation to exchanges. Wilcke, who did not make any transfers in 2021 and 2022, waited without selling during this period. However, he resumed his transfers with the market recovery in 2023. As of June 2023, he sent 66,300 ETH to exchanges at an average price of $ 2,859, making sales worth approximately $ 189.5 million.
The year 2024 will mark the peak of Wilcke’s sales strategy. Having sold a total of 44,300 ETH this year, Wilcke recently transferred 20,000 ETH ($72.5 million) to the Kraken exchange. These large transactions attracted attention because they occurred at a time when the market was on the rise.
Wilcke is reported to still have 106,000 ETH (about $384 million) in his possession. These sales draw parallels with past bull markets and the potential future sell-offs. While Ethereum’s fundamental dynamics are strong, Wilcke’s transactions could put pressure on the market in the short term.
