- Jeffrey Wilcke, cofounder of Ethereum, transferred 20,000 ETH to Kraken, valued at $72.5 million, amid a price surge.
- Following Wilcke’s transaction, Ethereum price experienced an 8% increase, although it later fell by 2.07%, stabilizing at $3,615.
In a recent analysis by @spotonchain, a big Ethereum transaction was highlighted, involving one of its cofounders, Jeffrey Wilcke. Wilcke transferred 20,000 ETH, valued at $72.5 million, to the Kraken exchange.
This comes amidst an 8% increase in Ethereum’s price over the last 24 hours, with a slight retraction of 2.07% following the peak, positioning the currency at $3,615.
Jeffrey Wilcke, #Ethereum co-founder, deposited 20,000 $ETH ($72.5M) to #Kraken 30 minutes ago, just as $ETH made a strong comeback today!
This is the fourth time he unloaded $ETH in 2024, totaling 44,300 $ETH ($148M) at an average price of $3,342.
Follow @spotonchain now and… https://t.co/zriXX9jbKD pic.twitter.com/iDEeptqrKI
— Spot On Chain (@spotonchain) November 28, 2024
This is not the first time Wilcke has liquidated a large amount of Ethereum; he has sold 44,300 ETH throughout the year at an average price of $3,342 per coin. The transaction history suggests a correlation between his sales and subsequent price increases for Ethereum.
Each sale this year has been followed by a notable rise in Ethereum’s market price, which could indicate a pattern that traders might consider.
90.8% of $ETH holders are now in profit, the highest since June.
Interestingly, the 9.2% of holders still at a loss hold just 2.8% of the total supply. This suggests that potential sell pressure from this group may have a limited impact as $ETH continues to trend upward. pic.twitter.com/qG4Xgi0Cq3
— IntoTheBlock (@intotheblock) November 28, 2024
In parallel, Ethereum’s broader market shows a significant uptick in holder profitability. According to a report by IntoTheBlock, 90.8% of Ethereum holders are now seeing profits not observed since June, marking a new half-year high.
This statistic is especially relevant given the eth performance and could signal a robust period for Ethereum if the trend continues.
Meanwhile Vitalik Buterin, also made headlines with his transfer of 340 ETH, worth approximately $1.094 million, to Coin Center, a nonprofit focusing on cryptocurrency policy. This transfer is part of Buterin’s ongoing practice of converting donations received in meme coins into Ethereum to support promising cryptocurrency projects.Â
Vitalik Buterin (@VitalikButerin) just sold 4 #memecoins for 24.5 $ETH ($81.8K) and donated 320 $ETH ($1.07M) to Coin Center (@coincenter).
The meme coins that he sold include:
• 330B $LEDOG ($36.7K) for 10.96 $ETH
• 3.03T $DOGC ($36K) for 10.8 $ETH
• 19.95M #99 ($5.3K) for… https://t.co/YiYn7lKUAM pic.twitter.com/xd1zYblO2l— Spot On Chain (@spotonchain) November 27, 2024
This action not only reflects Buterin’s commitment to the cryptocurrency sector but also his belief in supporting foundational cryptocurrency initiatives through substantial financial contributions.
[mcrypto id=”12523″]Ethereum (ETH) is currently trading at $3,570.3 USD, reflecting a daily decline of 2.39%. Despite the short-term pullback, Ethereum has shown strong growth over the last month, rising by 39.18%, and its year-to-date performance stands at an impressive 56.45%. Weekly gains are also significant, at 16.21%, highlighting its bullish momentum.
Key Levels:
- Resistance: The key resistance levels to watch are $3,650 and $3,685 USD. A breakout above these levels could push ETH toward the next target of $3,840 USD.
- Support: Immediate support is observed at $3,500 USD, with stronger support around $3,366 USD, where buyers are likely to re-enter.
