Ethereum cofounder Jeffrey Wilcke might be on the verge of selling around $262 million ETH on the open market. According to data insights from Arkham Intelligence, the early Ethereum developer sent 105,732 ETH to Kraken cryptocurrency ecosystem.
Ethereum sell-off scare
According to the Arkham data, the transfer was carried out at block height number 22524638 with a total fee of 0.000063 ETH valued at $0.16. This transaction has sparked a potential sell-off concern as Kraken is generally known as the platform whales use to liquidate their holdings.
It remains unknown whether the wallet associated with this Ethereum cofounder was dormant prior to this time; the transfer has stunned observers with its timing.
Ethereum’s price is yet to break through the $2,500 mark, as volatility continues to play a part. However, Wilcke timed the transaction to coincide with a 1.56% rebound to $2,490.44.
Over the past 24 hours, the price of the top altcoin dropped to a low of $2,452 before rebounding. Ethereum whales are generally always active, considering its stable liquidity and broad markets.
Besides Jeffrey Wilcke, high-volume transfers have been linked to Justin Sun and the Ethereum Foundation recently.
Is ETH price under threat?
Related transfers are often signs of distress in the ecosystem. While the ETH price is staging a recovery overall, if more related whale transfers are unchecked, it can trigger another unexpected drawdown.
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Already, Ethereum’s price has yet to return to its highest for the day, pegged at $2,585 atop a 3.26% drop over the past week.
The impact of the Pectra upgrade is also fading fast, as there are reports of a possible bug threat in EIP-7702. Overall, market experts are watching the trends, especially with the possibility that the Jeffrey Wilcke transfer has other unknown purposes, like custody.