Ethereum Co-Founder Moves 22K ETH To Kraken, Crash Ahead?

Ethereum co-founder Jeffrey Wilcke transferred 22,000 ETH worth $41.13 million to crypto exchange Kraken on June 5.

The move coming after the recent ETH selloffs worth millions by the Ethereum Foundation and co-founder Vitalik Buterin has raised speculation of whether ETH price to witness a massive fall in the coming weeks.

Ethereum Creator Jeffrey Wilcke Sell 22K ETH

According to Etherscan data, Ethereum co-founder Jeffrey Wilcke transferred 22,000 ETH worth $41.13 million to Kraken on June 5 at 11:28 UTC.

The last time Jeffrey Wilcke sold massive ETH was on January 5 and 6, 2021. He sold 15,000 ETH to Kraken. Ethereum co-founder Jeffrey Wilcke still holds 150,038 ETH worth $280.32 million.

In May, Ethereum creator Vitalik Buterin dumped 200 ETH, Ethereum Foundation followed suit and dumped 15,000 ETH to Kraken. The ETH selloffs by Jeffrey Wilcke, Vitalik Buterin, and Ethereum Foundation have raised FUD in the crypto community.

CoinGape Media reported earlier that a large ETH move by the Ethereum Foundation caused a massive fall in ETH prices historically. The ETH price fell 40% in 2 months last time when 20,000 ETH was transferred by the Ethereum Foundation to Kraken in November 2021.

Also Read: Multichain Resumes Cross-Chain Bridges, MULTI Price Soars 40%

ETH Price to Crash?

ETH price fell 2% in the last 24 hours, with the price currently trading at $1867. The 24-hour low and high are $1864 and $1912, respectively. Furthermore, the trading volume has increased in the last 24 hours, indicating an interest among traders.

Meanwhile, the US Treasury Dept expected to issue $1 trillion in Treasury bills by the end of the third quarter will put some selling pressure on Bitcoin and Ethereum. However, the ETH price is more deflationary as a result of low supply in the market.

ETH staking deposits on the Beacon Chain reached another all-time high, with 24.17 million ETH worth $46.03. Ethereum balance on the crypto exchanges has also reached a new five-year low. ETH price is likely to hit $2500 in the next few months instead of falling lower.

Also Read: Here’s Why Terra Luna Classic (LUNC) Price Skyrocketed 35%, More Rally Ahead

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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