The tone of red is on the rise in the cryptocurrency market. Leading altcoin Ethereum has lost more than 6 percent in the last 24 hours. In the midst of these developments, Ethereum co-founder Jeffrey Wilcke transferred 22,000 ETH to crypto exchange Kraken. This brought to mind the question ‘Will there be a sale and will ETH collapse?2.
Ethereum inventor Jeffrey Wilcke sold off 22,000 ETH!
We have always known Ethereum with co-founder Vitalik Buterin. However, Buterin is one of the co-founders of the leading altcoin, although it is the most prominent. Another Ethereum co-founder, Jeffrey Wilcke, transferred 22,000 ETH to crypto exchange Kraken. ETH, which Wilcke transferred on June 5, is worth approximately $ 41 million.
In this sequence, cryptocoin.comAs you follow, the Ethereum Foundation and its co-founder Vitalik Buterin also sold millions of ETH. This move following these sell-offs has fueled speculation as to whether the ETH price will witness a massive drop in the coming weeks. According to Etherscan data, Wilcke transferred 22,000 ETH to Kraken, valued at exactly $41.13 million.
In addition, Jeffrey Wilcke last sold a large amount of ETH on January 5 and 6, 2021. In these transactions, Wilcke sold 15,000 ETH on Kraken. Meanwhile, Jeffrey Wilcke currently holds 150,038 ETH worth $280.32 million.
Vitalik Buterin, the prominent co-founder of Ethereum, sold 200 ETH in May. In addition, the Ethereum Foundation sold 15,000 ETH on Kraken in a similar move. ETH sales by Jeffrey Wilcke, Vitalik Buterin, and the Ethereum Foundation raised FUD in the crypto community. We need to remind you that a big ETH move by the Ethereum Foundation has historically caused a huge drop in ETH prices. Because the ETH price last dropped 40 percent in 2 months when the Ethereum Foundation transferred 20,000 ETH to Kraken in November 2021.
Herald a crash for ETH price?
ETH price has dropped over 6% in the last 24 hours after the latest developments. At press time, Ethereum is trading at $1,812. Meanwhile, the lowest and highest prices of the last 24 hours are $1,780 and $1,912, respectively. Also, the increased trading volume in the last 24 hours indicates an interest among traders.
Meanwhile, the US Treasury Department is expected to issue $1 trillion of Treasury bills by the end of the third quarter. According to experts, this will also put some selling pressure on Bitcoin and Ethereum. However, it is worth noting that ETH is more deflationary as a result of the low supply in the market.
On the other hand, ETH stake deposits on the Beacon Chain have reached a new record high. In this context, staked ETH reached an all-time high with 24.17 million ETH worth $46.03 billion. In addition, the Ethereum balance on crypto exchanges also fell to the lowest level in the last five years. According to some experts, ETH is likely to reach $2,500 in the next few months. This reflects the opposite view of experts who expect a collapse.
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