Jeni learned: ETH co-founder Jeffrey Wilcke transferred $262 million worth of ETH to Kraken, having transferred a total of 394,000 ETH to Kraken since 2016, with a total cash out amount of approximately $510 million.

This is the fundamental base of ETH; there are too many early low-cost holders who are cashing out to improve their lives as prices rise, and they have all made substantial profits. The good news is that it is finally nearing the end of selling.