One of the original co-founders of Ethereum, Jeffrey Wilcke, has sent 9,840 ETH, or about 9.22 million U.S. dollars, to crypto exchange Kraken over the last hour or so.
This action follows Ethereum surpassing the $4200 mark, which has prompted profit-taking by whales and OGs.
According to on-chain records, in the three months that have passed, Wilcke sent 105,737 ETH into eight new wallets he created.
Although he recently deposited the 9,840 ETH, he remains a holder with 95,897 ETH, which is equivalent to about $401,600,000 at today’s values.
ETH Rally Strengthens Amid Altseason Hopes
The market is welcoming the new movement of Ethereum with renewed hope. A sudden pump caused ETH to pass the $4.2K barrier, indicating the start of an altseason.
According to analysts, a rerun and possible rise above the all-time high of $4,800 may occur in the weeks ahead as long as the macroeconomic forces remain favorable.
Bullish momentum in the altcoin market has been accompanied by an increased interest in the coin by institutions and an increasing rate of Layer-2 scaling adoption.
Watching Whale and Insider Movements
We don’t know Wilcke’s plans for selling Ethereum or when he will exchange it, but his decision to send the coin to the exchange indicates a desire to sell.
Being one of the co-founders of Ethereum, his trading activity is especially watched by traders and analysts to gain an insight on how the market is feeling.
At the current state, Ethereum is continuing to be in a healthy uptrend, with price momentum backed by price technical breakouts and growth in the ecosystem.
The greatest challenge that will follow would be to preserve the level of support over the $4000 mark and look to a move into new record highs within the weeks ahead.
