Jeffrey Wilcke, one of the original co-founders of Ethereum, recently made significant transfers of Ethereum to the crypto exchange called Kraken as digital asset markets experienced an upward trend.

According to observations by blockchain tracking firm Arkham Intelligence, Wilcke initiated two transfers: one involving 10,000 ETH valued at $27.52 million and another comprising 4,300 ETH worth $10.75 million.

These transactions were detected early Wednesday morning and the preceding weekend.

Market Impact

While the precise motive behind Wilcke's transfers remains unclear, there is speculation that the ETH could potentially be sold on the open market through Kraken.

Etherscan data indicates that Wilcke still retains a considerable amount of ETH, with holdings exceeding 135,738 ETH, valued at over $371 million at current prices. Notably, Wilcke executed these transfers as Ethereum reached two-year highs, with the cryptocurrency trading at $2,738 at the time of the transactions.

Dormant Ethereum Investor

The movement of significant amounts of ETH to Kraken is not an isolated incident.

Recent data from crypto tracker Lookonchain unveiled a substantial deposit of 39,260 ETH worth $87.5 million by an early Ethereum investor who had remained dormant for over five years.

Daily Hodl said this investor had previously received 47,260 Ethereum, valued at $11.34 million, between June and August 2017. Following a sale of 8,000 ETH the subsequent year, the investor did not engage in any further transactions until the recent deposit.

Strong Profit Generation

Speculation arises regarding the potential profit generated by the dormant Ethereum investor if the holdings were sold on Kraken.

According to Etherscan, selling the tokens on the exchange could have yielded a profit of approximately $78 million, considering the significant appreciation in Ethereum's value since the initial acquisition.

These developments underscore the dynamic nature of the crypto market, characterized by significant transactions and potential profit opportunities for investors amid market surges.

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