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Ethereum co-founder transfers 1,500 ETH to Kraken
Ethereum co-founder Jeffrey Wilcke moved approximately 1,500 ETH — roughly $6 million at the time — to a Kraken exchange deposit address on Thursday, according to on-chain analytics firm Lookonchain. The transfer coincided with a modest pullback in Ether's price from about $4,000 to near $3,900.
Does a transfer to an exchange mean a sale?
Shifting crypto to an exchange does not automatically mean an asset is being sold. Depositing funds to a centralized exchange like Kraken can precede a sale, be used for margin or lending services, or be a preparatory step for moving assets between custodial services. On-chain observers note such deposits as potential signs of liquidation, but they do not confirm intent without an executed trade.
Wilcke's prior transfers and public signals
This move follows earlier sizable transfers. In August Wilcke deposited about $9.22 million in ETH to Kraken and, at an earlier date, transmitted roughly $262 million in ETH to Kraken as well. Lookonchain previously suggested that some of those larger transfers were redistributed to eight newly created wallets, implying the possibility of internal restructuring rather than outright selling.
After the latest transfer, Wilcke reposted a user comment on X that speculated "he will sell more in the future." Cointelegraph reached out for comment but did not receive a response by publication time.
Wilcke's role and current activities
Wilcke served as an active participant in Ethereum's foundational development from December 2013 through March 2018. He later founded Grid Games in January 2018 and continues to lead the company as CEO and technical director. Though he retains multiple wallets that appear to hold hundreds of millions of dollars in Ether, recent small-to-medium transfers attract scrutiny from traders and on-chain analysts alike.
Whales are buying large volumes of ETH
While Wilcke’s $6 million transfer is notable because of his profile, it is dwarfed by recent whale activity. Despite a short-term market downturn — Ether declined around 13% over the past seven days — large holders have been accumulating at these lower price levels.
Lookonchain reports that at least 15 wallets acquired more than 406,000 ETH, with an estimated market value of about $1.6 billion, over a recent two-day window. These addresses purchased ETH from a range of institutional counterparties and custody providers, including Kraken, Galaxy Digital, BitGo, and FalconX.
Context: recent whale behavior and implications for ETH price
Earlier this month, observers tracked a whale converting billions in Bitcoin into Ethereum, resulting in a single whale’s ETH holdings exceeding $4 billion. In late August, whales bought more than 260,000 ETH — approximately $1.14 billion — between Aug. 24 and Aug. 26. Such concentrated buying from large wallets can apply upward pressure to price if selling remains limited.
For traders and long-term investors, whale accumulation during pullbacks is a bullish signal, though it is not a guarantee of immediate price recovery. Market structure, macroeconomic factors, and upcoming protocol or regulatory events will also influence Ether's trajectory.
What to watch next
Key indicators to monitor include on-chain flows to and from major exchanges, the pace of whale accumulation, and order-book liquidity on centralized venues. If transfers to exchanges like Kraken convert into sustained sell pressure, ETH could test lower support levels near $3,800–$3,900. Conversely, continued institutional and whale accumulation could tighten supply and support a rebound above $4,000.
For now, Wilcke's 1,500 ETH deposit stands as a single data point amid broader whale buying that dwarfs his recent move. Traders and analysts should triangulate exchange flows with wallet activity and market liquidity to form a clearer view of short- and medium-term ETH price direction.
Source: cointelegraph
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