- Ethereum co-founder Jeffrey Wilcke moved $6 million worth of ETH to Kraken, though it’s unclear if he intends to sell.
- Meanwhile, whales bought $1.6 billion in ETH, taking advantage of the recent price dip.
Ethereum co-founder Jeffrey Wilcke recently transferred $6 million worth of ETH, but whales are seizing the market dip, scooping up $1.6 billion in Ethereum.
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Wilcke Shifts $6 Million of Ether
Jeffrey Wilcke, Ethereum co-founder, moved around 1,500 ETH—worth approximately $6 million—onto the Kraken exchange on Thursday. This comes amid a slight price dip, as ETH fell from $4,000 to about $3,900.
While moving crypto to an exchange often sparks speculation about sales, such deposits do not necessarily mean the funds will be sold. Wilcke has a history of transferring large amounts of ETH to exchanges, including $262 million previously, much of which he appears to have redistributed across new wallets rather than sold.
Wilcke, who was active in Ethereum’s early development between 2013 and 2018, now leads Grid Games as CEO and technical director. Though he reposted a comment speculating he may sell more ETH in the future, he has not publicly confirmed any sales.
Whales Scoop Up Ethereum
Despite Wilcke’s comparatively small movement, Ethereum whales are taking advantage of the market dip. At least 15 wallets purchased more than 406,000 ETH—valued at $1.6 billion—over the past two days.
The buying came from multiple sources, including Kraken, Galaxy Digital, BitGo, and FalconX. These acquisitions reflect a trend of whales accumulating Ethereum at lower price points, signaling confidence in ETH’s longer-term potential.
Earlier this month, a whale shifted billions from Bitcoin to Ethereum, holding more than $4 billion in ETH. In August alone, whales bought over 260,000 ETH, worth $1.14 billion. This activity underscores strong institutional and high-net-worth investor interest in Ethereum, even as retail prices fluctuate.
What This Means for Investors
While Wilcke’s ETH movements may stir speculation, the real story is whale accumulation. Large-scale buying suggests that Ethereum remains attractive to major holders who anticipate future growth. For regular investors, this could indicate a potential support level for ETH amid short-term market downturns.
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