Ethereum (ETH) co-founder Jeffrey Wilcke transferred 20,000 ETH, worth more than $72 million, to Kraken on November 28.
His wallet still contains 106,006 ETH.
Maartunn, community analyst at CryptoQuant, highlighted that this is Wilcke’s fourth ETH transfer to Kraken this year, exceeding $147 million. He first moved 4,300 ETH worth $10.6 million to the exchange on February 10th.
Wilcke transferred 10,000 ETH worth $27.2 million to Kraken four days later. His third deposit was 10,000 ETH, equivalent to $37 million, on May 22nd.
community survey
The Ethereum Foundation (EF) and the Ethereum co-founders were subjected to a community survey this year.
On August 23rd, EF transferred 35,000 ETH to Kraken. raised concerns from the community in view of its high transaction value (valued at $94 million at the time of transfer).
EF contributor Josh Spark and Ethereum co-founder Vitalik Buterin explained the reason for the remittance, explaining that it was to foster institutions that revitalize the Ethereum ecosystem.
According to on-chain data platform Arkham, EF-related addresses are almost 45,000 ETH in negative net flow In 2024.
A week later, Buterin I had to explain He added $10 million worth of ETH deposits, noting that he has not realized any profits for himself since 2018.
“All sales were intended to support a variety of projects we felt were valuable, both within the Ethereum ecosystem and wider charities (e.g. biomedical R&D).”
As of November 28, Buterin-related wallets recorded a negative net flow of 6,000 ETH year-to-date.
ETH investors are particularly concerned about these transfers, given the cryptocurrency’s underperformance this year compared to Bitcoin (BTC) and Solana (SOL).
According to data On Artemis, Bitcoin and Solana have posted annualized returns of close to 116% in 2024, while ETH is up 51.5% year to date, well below the cryptocurrency market’s average return of 109%.