The transaction, valued at $262 million, triggered concerns of a potential large-scale sell-off.
Ethereum (ETH) cofounder Jeffrey Wilcke has come under the radar after transferring 105,736 ETH to crypto exchange Kraken. The transaction, valued at $262 million, triggered concerns of a potential large-scale sell-off, pushing the cryptocurrency down.
Within minutes of the transfer, ETH dropped nearly 2%, raising questions about the asset’s short-term direction.
Jeffrey Wilcke Transferred ETH to Kraken Exchange
According to on-chain data, Jeffrey Wilcke sent the ETH to Kraken at an average price of $2,480. This move sparked alarm due to the sheer size of the transaction.
The Ethereum cofounder had previously sold a large amount of ETH to Kraken in late 2024, which was followed by a decline in the cryptocurrency’s price.
The post Ethereum Cofounder's Massive ETH Transfer to Kraken Sends Cryptocurrency Down 2% as Trading Volume Soars
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