Ethereum Co-founder Deposits 10K ETH Worth $37M to Kraken

• Ethereum co-founder’s transfer draw attention amidst price surges.
• The SEC’s statement on spot ETH ETF approval is scheduled for today.

Jeffery Wilcke, co-founder of Ethereum, deposited 10K Ether (ETH) into the Kraken Exchange during the Asian morning hours on Thursday. Wilcke has made multiple deposits of ETH since the beginning of 2024, drawing significant attention from the crypto community.

The SEC deadline for the decisive update on spot Ethereum ETF approval is scheduled for today. Amid this, Ethereum’s price had witnessed significant upsurges, fueled by the anticipation. Moreover, several Ethereum whales have shown intriguing strategies with mounting transactions this week.

What Does Wilcke Intend With the ETH Deposits?

Jeffery Wilcke was one of the whales, whose actions sparked interest in the market. The co-founder’s recent ETH deposit amounts to $37.38 million with ETH price trading at $3738 at the time.

Moreover, Wilcke’s earlier transactions reveal multiple transfers to the Kraken exchange in February this year. He deposited 4300 ETH on February 10, 2024. After a short interval of four days, he made a huge deposit of 10,000 ETH. The altcoin was trading at an average of $2650 during the time.

Previously, his last whale movement was in June 2023. Spot On Chain data shows that the co-founder transferred 22K ETH worth $41 million at that time. This transaction happened right before the market witnessed a dreadful crash. Furthermore, Wilcke’s action in June was his first after more than two years of market dormancy.

After his transaction in June 2023, Wilcke held a total of 150K ETH. His current Ethereum holdings have dropped down to 126K ETH, worth $475 million currently, after the deposit. Jeffery Wilcke’s recent deposit comes as a surprise since Ethereum has witnessed price surges recently.

Notably, over the past few weeks, investors have attempted to analyze whale strategies by observing their movements. Ethereum whale movements in the past 12 hours accounted for one other whale account depositing nearly 11K ETH to Coinbase, apart from Wilcke’s transaction. Moreover, Ethereum co-founder Vitalik Buterin transferred $300K worth of ETH to privacy protocol Railgun on Wednesday.

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