Jeffrey Wilcke, a former Ethereum co-founder, transferred 20,000 ETH to the Kraken cryptocurrency exchange on November 28 at 19:59 UTC+8.
The transaction, valued at approximately $72.5 million, was one of the more notable movements within the Ethereum ecosystem. Wilcke still holds 106,000 ETH, equivalent to around $384 million at current prices.
Such large transfers often draw attention, as they can signal potential selling activity. This comes at a time when Ethereum and the broader cryptocurrency market are witnessing renewed interest, with inflows into both Bitcoin and Ethereum exchange-traded funds (ETFs) picking up.
On November 27, Bitcoin spot ETFs recorded a net inflow of $103 million, while Ethereum spot ETFs saw inflows of $90.1 million, marking four consecutive days of positive net flows for Ethereum. However, Ethereum still trails its 2021 all-time high of $4,878 by about 25%, reflecting a longer recovery path compared to Bitcoin.
The overall cryptocurrency market has gained nearly 5% in the past 24 hours, with a collective market cap approaching $3.5 trillion. Despite this growth, Ethereum remains a key focus for both institutional and individual investors, given its role as the second-largest blockchain ecosystem.
Adding to the news, the Ethereum Foundation recently disclosed its financials for the first time in over two years. The report, published on October 31, revealed a treasury of $970.2 million, down 39% from $1.6 billion in March 2022.
Most of the foundation’s holdings (81.3%) are in cryptocurrency, with nearly all of that in Ethereum (ETH). The organization has attributed its strategy to a long-term belief in Ethereum’s potential.
The Ethereum Foundation spent $240 million between 2022 and 2023, funding development and public goods for the ecosystem. Amid these disclosures, the foundation introduced a conflict-of-interest policy to ensure transparency and accountability within its team.
