Ethereum co-founder Jeffrey Wilcke has once again transferred a significant amount of ETH to crypto exchange Kraken, sparking speculation about a potential sale. According to on-chain analytics platform Lookonchain, Wilcke sent 1,500 ETH (worth around $6 million) to Kraken on Thursday, as Ether’s price slipped from $4,000 to roughly $3,900.
This isn’t Wilcke’s first large transfer to Kraken. Back in August, he deposited $9.22 million worth of ETH, and prior to that, he had moved $262 million in Ether to the exchange. At the time, Lookonchain suggested that Wilcke likely moved the funds to eight newly created wallets rather than selling them.
While sending crypto to an exchange often signals a potential sale, it doesn’t guarantee it. However, Wilcke recently reposted a user comment on X speculating that he “will sell more in the future,” further fueling market discussions.
Wilcke, who was part of Ethereum’s early development team between 2013 and 2018, later founded Grid Games, where he currently serves as CEO and technical director.
Whales Keep Accumulating ETH
Despite Wilcke’s recent transfer, ETH whales appear to be heavily accumulating during the recent market dip. Over the past two days, at least 15 wallets have purchased 406,000 ETH — worth approximately $1.6 billion — according to Lookonchain.
The purchases were made from multiple sources, including Kraken, Galaxy Digital, BitGo, and FalconX. This aggressive accumulation comes as ETH has dropped 13% in the past seven days, suggesting that whales are taking advantage of lower prices.
Earlier this month, a major whale shifted billions of dollars from Bitcoin into Ethereum, boosting their ETH holdings to more than $4 billion. Similarly, in late August, whales bought over 260,000 ETH ($1.14 billion) in just three days.
Market Outlook
While Wilcke’s transfer has raised some concerns about potential selling pressure, the massive whale accumulation may signal confidence in ETH’s long-term value. Traders and investors will be closely watching whether Wilcke’s moves lead to actual selling — or if whales continue to absorb supply and support ETH prices.
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