Ethereum
Ethereum co-founder moves 10K tokens: Did anything change for ETH?
Ethereum’s co-founder has made another transfer; how did the Netflow respond this time around?
- Jeffrey Wilcke made another transfer of 10,000 ETH.
- ETH’s volume went over $25 billion.
During the previous week, there were signs indicating that the co-founder of Ethereum [ETH], Jeffrey Wilcke, had transferred some ETH to an exchange.
But on the 14th of February, Arkham Intelligence’s data revealed another significant transaction of 10,000 ETH, amounting to $27 million.
This development follows movements from the same wallet in the past week, when 4,300 ETH, valued at over $10 million, were moved to the same exchange.
Before these recent transactions, the last instance of ETH being moved from this wallet to an exchange was in June 2023.
However, the occurrence of two movements within the same month is noteworthy, totaling over 14,000 ETH transferred so far.
Ethereum’s Netflow is negative despite moves
An examination of Ethereum’s exchange volume showed that, much like the previous instance of the wallet transferring ETH, the volume flow had not been significantly affected.
AMBCrypto’s analysis of CryptoQuant’s Netflow chart showed that on the 14th of February, the NetFlow remained negative, signifying that more ETH left the exchanges than entered.
The chart depicted an outflow of nearly 23,000 ETH from exchanges on the 14th of February, and at the time of this writing, this negative trend persists, with over 9,000 ETH withdrawn from exchanges.
Source: CryptoQuant
With the recent transfer, the remaining balance in the co-founder’s wallet stood at about 30,000 ETH at press time.
ETH volume absorbs the latest transaction
AMBCrypto’s evaluation of Ethereum’s volume trend showed significant movements in recent times. Over the last three days, the volume surged past $10 billion.
By the end of the 13th of February, the volume was over $23 billion, and it approached $20 billion on the 14th of February.
Source: Santiment
Realistic or not, here’s ETH’s market cap in BTC’s terms
At the time of this writing, the volume was nearly $25 billion. AMBCrypto’s look at the volume trend indicated that the $24 million transferred by Wilcke was readily absorbed by the market.
However, it remains unclear whether there will be more transfers in the future.
