Ethereum Cofounder Sells $72.5M in ETH: Will This Mammoth Move Spark a New Price Surge?

Ethereum cofounder Jeffrey Wilcke has sold 20,000 ETH, worth $72.5 million, on Kraken. Historical patterns suggest this move could trigger another major price rally, as Ethereum gains 8% in 24 hours.

Massive Ethereum Transaction Sparks Speculation
Spotonchain, an analytics account, has spotted a massive Ethereum transaction that one of the Ethereum co-founders did. Nevertheless, the numbers point to a possible increase in the price of Ethereum.

Meanwhile, a survey by IntoTheBlock indicates that 90.8% of ETH holders have achieved maximum profitability since June, marking a new half-year high.

Spot On Chain's earlier tweet disclosed that early Ethereum cofounder and programmer Jeffrey Wilcke sent 20,000 ETH to the Kraken exchange in the United States just under an hour ago. It was $72.5 million in today's dollars.

Ethereum Price Rises After Cofounder’s $72.5M ETH Sale
As ETH's price staged a robust recovery, increasing by about 8% in the past day, something occurred. The second-largest cryptocurrency is now trading at $3,615, down 2.07 percent from its previous high of $3,688.

The tweet claims that this is Wilcke's fourth sale of Ethereum this year. He has sold 44,300 Ethereum tokens (ETH) for $148 million, or $3,342 each.

Historical Data Suggests Price Surges After Large ETH Sales
According to the data provided by Spot On Chain, the price of Ethereum experienced a significant increase each time the cofounder of the cryptocurrency sold ETH this year.

Vitalik Buterin, the public face of the Ethereum platform, transferred around 340 ETH, or $1,094,088. This was published by U.Today. A non-profit group known as Coin Center was the final stop. Specifically, it addresses policy matters pertaining to cryptocurrencies.

Buterin Converts Meme Coin Donations to Fund Crypto Projects
Buterin uses every meme coin that new coin creators give him as a gift or as part of a marketing campaign to buy Ethereum, which he then uses to back other cryptocurrency projects that he thinks have potential.

TokenPost | [email protected]