Jeffrey Wilcke, co-founder of Ethereum (ETH), transferred 20,000 ETH to Kraken, which is equivalent to more than $72 Million, on November 28.
He still has 106,006 Etherum in his wallet.
CryptoQuant’s community analyst Maartunn highlighted that this is the fourth time Wilcke has transferred ETH to Kraken this year, surpassing $147 million. The first time he transferred 4,300 ETH, worth $10.6, to Kraken was on February 10.
Wilcke sent Kraken 10,000 ETH four days later. This was worth $27.2 millions. On May 22, Wilcke made his third deposit, which was 10,000 ETH worth $37,000,000.
Community scrutiny
This year, the Ethereum Foundation (EF), and its co-founders, have come under scrutiny from members of the community.
On August 23, the EF sent 35,000 ETH (ethereum) to Kraken. Sparked concern from the community given the high value of the transaction — worth $94 million at the time of the transfer.
EF contributor Josh Spark and Ethereum co-founder Vitalik Buterin clarified the reason behind the transfer, explaining that it was to foster institutions that boost Ethereum’s ecosystem.
Arkham data shows the EF addresses grew by nearly 45,000 ETH in negative net flows By 2024.
Buterin was back in the news a week later. Had to explain A deposit of ETH equal to $10,000,000, stating that he has not realized any profits since 2018. He said:
“All sales have been to support various projects that I think are valuable, either within the ethereum ecosystem or broader charity (eg. biomedical R&D).”
By Nov. 28th, wallets related to Buterin have a negative year-to date net flow of 6,000 ETH.
ETH investors are especially worried by these transfers, given the crypto’s underperformance this year compared to Bitcoin (BTC) and Solana (SOL).
The following is a list of from Artemis, Bitcoin and Solana have recorded close to 116% yearly returns in 2024, while ETH is up 51.5% so far, well below the crypto market’s average return of 109%.
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