Jeffrey Wilcke, a developer and co-founder of Ethereum, transferred 20,000 ETH (~$72.5 million) to the Kraken exchange, according to Spot On Chain.

The transaction coincided with Ethereum’s price surge, which brought the cryptocurrency close to the $3,700 mark.

Analysts noted this is Wilcke’s fourth significant sale of ETH in 2024. To date, he has sold a total of 44,300 ETH (~$148 million) at an average price of $3,342.

Despite these sales, Wilcke still holds 106,102 ETH (~$381.26 million), which constitutes the majority of his crypto portfolio. Additionally, he owns 581.7 tokens of Ethereum Name Service (ENS) worth $20,563.

In 2019, Wilcke faced criticism from the Ethereum community for selling 92,000 ETH on Kraken. He explained that the funds were needed to support his gaming company, Grid Games, where he still serves as CEO, according to his LinkedIn profile.

Ethereum co-founder Vitalik Buterin has also faced scrutiny for selling ETH. However, he maintains that his transactions are for ecosystem projects or charitable initiatives, though the final recipients may liquidate the assets.

Reminder: In early November, an anonymous whale holding 398,891 ETH began selling their holdings after eight years of inactivity.