Ethereum co-founder Jeffrey Wilcke sent 1,500 ETH, worth about $6 million, to crypto exchange Kraken on Thursday, as price dropped from $4,000 to around $3,900.
This sparked speculation of a sell off. Moving cryptocurrency to an exchange does not always mean it is being sold. However, Wilcke’s deposit drew attention because he has made similar transfers before.
In August, he sent $9.22 million worth of ETH to Kraken. Before that, he had also moved $262 million worth of ETH. Lookonchain previously suggested some of these transfers might have been sent to new wallets rather than sold.
Meanwhile, Wilcke reported a user’s comment on X that said he might “sell more in the future,” which added to market curiosity.
Wilcke co-founded Ethereum and contributed to its development from December 2013 to March 2018. After leaving Ethereum, he founded Grid Games in January 2018, where he now works as CEO and technical director.
Meanwhile, Ether whales have been buying large amounts of ETH as the price drops. According to Lookonchain, at least 15 wallets purchased over 406,000 ETH, worth about $1.6 billion, in the past two days. The purchases came from exchanges and providers including Kraken, Galaxy Digital, BitGo, and FalconX.
Earlier this month, one whale sold billions in Bitcoin and increased their Ethereum holdings to more than $4 billion. In late August, whales bought more than 260,000 ETH, worth $1.14 billion, over two days.
