Ethereum Co-Founder’s $72M Transfer

On November 28, Jeffrey Wilcke, a former co-founder of Ethereum, transferred 20,000 ETH—worth approximately $72.5 million—to the Kraken cryptocurrency exchange. The transaction, executed at 19:59 UTC+8, has caught the crypto community’s attention.

Despite this large transfer, Wilcke retains a significant Ethereum balance, holding 106,000 ETH valued at $384 million. Such movements often raise eyebrows, potentially signaling selling intentions or strategic portfolio changes.

Institutional Interest Meets Whale Activity

Surging Inflows to Crypto ETFs

Wilcke’s transfer coincides with a period of renewed institutional interest in cryptocurrencies. Over the past week, exchange-traded funds (ETFs) for Bitcoin and Ethereum have recorded notable inflows.

On November 27 alone, Bitcoin spot ETFs saw a net inflow of $103 million, while Ethereum spot ETFs added $90.1 million. Ethereum has maintained positive net flows for four consecutive days, signaling growing confidence among investors.

Yet, Ethereum still has ground to cover to reclaim its 2021 all-time high of $4,878. Currently trading approximately 25% below that peak, the second-largest cryptocurrency faces a slower recovery compared to Bitcoin, which has seen stronger momentum in recent months.

Broader Market Dynamics

The overall cryptocurrency market has gained nearly 5% in the past 24 hours, with a collective market cap approaching $3.5 trillion. Ethereum remains central to this growth, given its pivotal role in decentralized finance (DeFi), non-fungible tokens (NFTs), and enterprise blockchain solutions.

Ethereum Foundation’s Latest Financial Report

A Reduced Treasury

Adding to the narrative, the Ethereum Foundation recently released its financial report—the first in over two years. The report revealed a treasury of $970.2 million, marking a 39% drop from its $1.6 billion valuation in March 2022.

Of the foundation’s holdings, 81.3% are in cryptocurrency, with Ethereum making up nearly all of it. This aligns with the foundation’s long-term commitment to the blockchain’s development and growth.

Spending for the Ecosystem

Between 2022 and 2023, the foundation allocated $240 million to ecosystem development and public goods, reinforcing its mission to enhance Ethereum’s utility. Alongside these disclosures, the foundation introduced a conflict-of-interest policy to promote transparency and integrity across its operations.

What Does This Mean for Ethereum?

Wilcke’s ETH transfer and the Ethereum Foundation’s financial disclosures highlight two sides of the ecosystem: individual activity and institutional stewardship.

While Wilcke’s transfer could signal potential market moves, the foundation’s spending underscores its commitment to Ethereum’s long-term vision. Meanwhile, increasing inflows into crypto ETFs point to growing institutional confidence in the broader market.

As Ethereum continues its recovery and evolution, it remains a cornerstone of the cryptocurrency world, balancing short-term volatility with long-term potential.