Ethereum markets are buzzing again as Ethereum co-founder Jeffrey Wilcke transferred 1,500 ETH (worth about $6 million) to the crypto exchange Kraken. The move sparked speculation of a potential sell-off. However, at the same time, Ethereum whales have been on a massive buying spree, scooping up over $1.6 billion worth of ETH in just two days.
Jeffrey Wilcke, one of Ethereum’s original co-founders, shifted 1,500 ETH to Kraken on Thursday. This transaction happened while Ether’s price slipped from $4,000 to around $3,900.
While moving crypto to an exchange wallet often signals an intention to sell, it’s not always the case. In fact, Wilcke has a history of making large deposits without selling everything. In August, he sent $9.22 million worth of ETH to Kraken and previously moved $262 million in ETH before redistributing it to new wallets.
Still, a repost from Wilcke on social platform X hinted that he may sell more ETH in the future, leaving traders cautious.
Whale Buyers Enter the Market
Despite Wilcke’s transfers, Ethereum whales are taking the opposite stance. On-chain data shows that at least 15 large wallets purchased more than 406,000 ETH, valued at approximately $1.6 billion, in the past two days.
These whales acquired ETH from major entities such as Kraken, Galaxy Digital, BitGo, and FalconX. The accumulation comes as ETH has dropped 13% in the last week, suggesting that big players view the dip as a buying opportunity.
This isn’t the first major whale accumulation. Just last month, whales bought 260,000 ETH ($1.14 billion) over three days. Earlier this month, another whale shifted billions from Bitcoin into Ethereum, pushing their ETH holdings above $4 billion.
What This Means for Ethereum’s Market
The contrast between Wilcke’s potential selling and whale accumulation highlights an interesting dynamic:
- Founders may be cashing out, possibly for liquidity or personal reasons.
- Institutional whales are accumulating, showing long-term confidence in Ethereum’s value.
If whales continue to buy aggressively during price dips, it could strengthen ETH’s support around $3,900–$4,000 and fuel the next bullish leg.
While headlines around co-founders selling can create short-term uncertainty, the bigger story lies in whale accumulation. With more than $1.6 billion worth of ETH purchased in just two days, institutional demand appears strong, even during market volatility.
As Ethereum continues to dominate the DeFi, NFT, and tokenization markets, whale buying could signal that smart money is preparing for a long-term price rally—regardless of short-term co-founder sell-offs.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.