Arkham, a blockchain analysis firm, first spotted that one of the Ethereum co-founders moved more than $38 Million in ETH. It is believed that the move was initiated following the flourishing trading price of Ethereum (ETH).
Jeffrey Wilcke transferred a significant chunk of ETH to Kraken on the morning of February 14, 2024. The data on Etherscan states that Wilcke still holds 135,738 Ethereum worth over $379 Million as of writing.
Although the reason behind the transfer is still unclear, market observers and analysts claim that the transfer was initiated because there might be a plan to sell these holdings in the open market on Kraken.
Over the past few weeks, Ethereum, the second most popular crypto in the market, has shown significant improvement in terms of price. TradingView data indicates that ETH prices grew more than 15% in the past seven days.
Dozens of market observers claim that the price of Ethereum will continue to grow as the hype of the Ether spot ETF is spreading in the market constantly.
Ethereum moguls and enthusiasts believe that the application of ETH spot ETF might get approval from the US Securities and Exchange Commission by April 2024. However, the SEC may approve the Ether ETF after analyzing all risk factors associated with users.
It is crucial to note that in the early stage of the Bitcoin spot ETF application, the SEC rejected around 16 applications from 16 companies. Although the regulator has rejected the application several times, earlier in January 2024, the much-awaited BTC ETF secured approval.
Crypto Market Updates
The market capitalization of the crypto industry is experiencing a skyrocketing momentum, reflecting a weekly growth of 15.88%. As of writing, the industry’s market cap was $1.912 Trillion.
Bitcoin, the pioneer of the market, is enjoying a bullish trend. Price surged more than 17% in the past seven days. When writing, it was trading at $51,748. The upcoming 4th halving of Bitcoin will likely occur in April 2024; analysts claim the halving is backing the price of BTC and others. Data on CoinMarketCap shows that in terms of trading volume, Binance is the leader of the spot trading market, while Kraken is 6th.
Kraken is one of the leading centralized cryptocurrency exchanges that operates in over 150 nations. It is important to note that the exchange did not offer its services in North Korea and a few other countries with weak or less freedom for foreign firms.
