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Analytics account @spotonchain has noticed a mammoth ETH transaction made by one of the Ethereum cofounders. However, data suggests that the Ethereum price may go upward.
In the meantime, the majority of ETH holders’ profitability has reached a new half-year high — 90.8% of holders have reached the highest profitability since June, according to a report by IntoTheBlock.
Ethereum cofounder dumps $72.5 million in ETH
The aforementioned tweet by Spot On Chain revealed that the programmer Jeffrey Wilcke, one of the original Ethereum cofounders, has transferred a massive chunk of 20,000 ETH to the U.S.-based Kraken exchange less than an hour ago. That was the equivalent of $72.5 million.
This happened as the ETH price made a strong comeback, surging by roughly 8% in the last 24 hours. After hitting $3,688, the second biggest cryptocurrency has pulled back a little, shedding 2.07%, and is currently changing hands 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!
— Spot On Chain (@spotonchain) November 28, 2024
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
According to the tweet, this is the fourth time that Wilcke has sold Ethereum this year. By now, he has unloaded 44,300 ETH worth $148 million for $3,342 per coin on average.
The chart shared by Spot On Chain shows that every time the Ethereum cofounder sold ETH this year, including this time, the Ethereum price went up on a large scale.
Vitalik Buterin cashes out big ETH chunk
As reported by U.Today, earlier this week, another Ethereum cofounder — this time it was the platform’s frontman, Vitalik Buterin — transferred roughly 340 ETH worth $1,094,088. The destination was a nonprofit organization called Coin Center. It focuses on affairs related to cryptocurrency policy.
Buterin converts each meme coin donation he gets from new coins' founders as donations or as part of promotional campaigns into ETH, and then he uses those coins to make substantial contributions to support other cryptocurrency projects, which he believes to be promising.