Warning of selling pressure, Ethereum co-founder sends 1.6 billion yen of ETH to exchange

9 months ago 73

Mr. Wilke sends a large amount of ETH

On the 10th, Jeffrey Wilke, co-founder of the cryptocurrency Ethereum (ETH), was confirmed to have transferred 4,300 ETH (equivalent to a market value of 1.6 billion yen) to the cryptocurrency exchange Kraken.

Jeffrey Wilcke, the Co-founder of #Ethereumdeposited 4,300 $ETH($10.7M) to #Kraken 7 hours ago.https://t.co/STceT5cQmT pic.twitter.com/ROG0evjirh

— Lookonchain (@lookonchain) February 10, 2024

In general, remittances to virtual currency exchanges can lead to selling pressure, and large remittances attract attention from investors.

Some in the cryptocurrency community are of the opinion that this remittance is an indication that Wilke may sell Ethereum at a profit. Some speculate that the proceeds from the sale may be used to launch a new blockchain business.

Mr. Wilke had deposited 22,000 ETH into Kraken in June last year, but since then Ethereum has fallen by about 12% from $1,870 (about 280,000 yen) to $1,650. There were also opinions that something like that might happen again this time.

Mr. Wilke has attracted attention by transferring large amounts of Ethereum to Kraken in 2023, 2021, and 2019. In the past, he sold Ethereum to fund game development at a company he co-founded.

Wilke continues to hold large amounts of Ethereum even after the transfer. It appears that 146,003 ETH (equivalent to a market value of 54.7 billion yen) is stored in four different addresses.

connection: Ethereum co-founder Wilcke transferred 5.5 billion yen worth of ETH to a virtual currency exchange

The future of Ethereum

The Ethereum development team has just set a goal to implement the mainnet implementation of the next upgrade, “Dencun'', on March 13th, which is expected to significantly improve scalability.

In particular, the new feature “Proto Dunk Sharding'' is expected to reduce the cost of data transfer from L2 to L1, significantly lowering transaction fees for L2 users.

connection: “After Dencun, you can feel that L2 transaction fees have decreased” Ethereum L2's zkSync predicts

connection: What are the importance and benefits of Ethereum's next upgrade “Dencun”?

The chart for $ETH is incredibly bullish.

Ignoring the clear 18-month accumulation phase, reminiscent of previous cycles that have resulted in substantial gains, would be a missed opportunity of significant proportions. pic.twitter.com/PQudj89sin

— Wolf (@IamCryptoWolf) February 9, 2024

Cryptocurrency analyst Wolf analyzed past Ethereum price cycles and is bullish that Ethereum could rise to around 2.2 million yen ($14,000) after an 18-month accumulation period. He made a prediction.

With the U.S. Securities and Exchange Commission (SEC) approving a Bitcoin (BTC) spot ETF in January, expectations are rising for the realization of an Ethereum spot ETF.

Industry forecasts are currently mixed. Standard Chartered Bank, for example, predicts that physical ETFs will likely be approved in May, while investment bank TD Cowen opines that approval could take place in late 2025 to early 2026. There is.

connection: SCB Silver Bullish prediction that SEC will approve Ethereum spot ETF in May

What is Bitcoin ETF?

An Exchange Traded Fund that includes Bitcoin as an investment. An investment trust is a financial product that collects money from investors into a single fund and invests it in stocks, bonds, etc. The system is such that the investment results are distributed according to each investor's investment amount. Among investment trusts, ETFs are listed on stock exchanges, so they can be bought and sold like stocks.

Virtual currency glossary