Jeffrey Wilcke Transfers 20,000 ETH to Kraken
On November 28, Ethereum co-founder Jeffrey Wilcke made a significant transfer of 20,000 ETH, amounting to over $72 million, to Kraken. Despite this transfer, his wallet still holds 106,006 ETH.
Wilcke’s History of Transfers to Kraken
- First transfer: 4,300 ETH on February 10, worth $10.6 million
- Second transfer: 10,000 ETH four days later, worth $27.2 million
- Third transfer: 10,000 ETH on May 22, equivalent to $37 million
Community Scrutiny on Ethereum Foundation
The Ethereum Foundation (EF) and its co-founders have faced community scrutiny throughout the year. In a notable event on August 23, the EF transferred 35,000 ETH to Kraken, sparking concerns among the community due to the transaction’s high value of $94 million at the time.
EF contributor Josh Spark and Ethereum co-founder Vitalik Buterin clarified that the transfer aimed to support institutions that enhance Ethereum’s ecosystem.
According to Arkham, EF-related addresses experienced nearly 45,000 ETH in negative net flows in 2024.
Vitalik Buterin’s Explanation
Following a $10 million ETH deposit, Vitalik Buterin had to explain that all his sales were to support valuable projects within the Ethereum ecosystem or broader charity efforts like biomedical research and development.
As of November 28, Buterin-related wallets show a year-to-date negative net flow of 6,000 ETH.
Concerns Among ETH Investors
Investors are concerned about the impact of these transfers, especially considering Ethereum’s underperformance compared to Bitcoin and Solana in 2024.
Artemis data shows that Bitcoin and Solana have recorded close to 116% yearly returns, while ETH is up 51.5%, falling short of the crypto market’s average return of 109%.
