- Ethereum co-founder Jeffrey Wilcke transferred about $262 million worth of ETH to Kraken months after his wallet had no activity, this move raised questions about a potential sell-off.
- Despite the large transfer, Ethereum’s price still remained stable, the stability was probably supported by the recent drop in the percentage of ETH held on exchanges.
Ethereum co-founder Jeffrey Wilcke made a significant whale movement after moving about $262 million worth of ETH to Kraken. The unexpected move has caused a lot of speculation in the market, with many interpreting it as a potential sell-off move.
The details of the transfer were covered by on-chain tracker Arkham. According to details, Jeffrey Wilcke sent over 105,000 ETH, which is worth around $262 million, to Kraken. What caught people’s attention even more was that the wallet had stayed quiet for months, and immediately when ETH hit $2,600, he made the transfer.
source: Arkham Intelligence (X)
After the transfer, the total number of his ETH dropped to less than 300 ETH. The last time he made a big move like this was in November 2024, right before Ethereum reached a yearly peak and then pulled back. When he first made the transfer, it seemed like Wilcke was planning to sell. However, after the deposit, eight new wallets also took out the same amount of ETH from Kraken. Because of this, some experts think he might have only moved his tokens to different accounts rather than selling.
Ethereum Price Holds Amid Big Transfer
Even after the huge transfer, Ethereum’s price has still remained stable. As of the time of writing, ETH is trading at $2,540 and is up 0.2% in the last 24 hours, although the price reached $2,600 in the early hours of today and went up by 2.24%. The market value has also reached $314 billion. ETH hitting the $2,600 mark goes to show how bullish the market is and how much more trading activity is going on in the altcoin market.
source: coingecko
Another sign that showed that the ETH market is bullish is the recently recorded amount of Ethereum held on exchanges. The value dropped to about 4.9%, the lowest percentage in the last 10 years. This basically just means fewer people are ready to sell, signalling a positive sign for long-term holders. It also shows the faith from investors which could in the long run mean that there’s and more money flowing into ETH and other related DeFi tokens.
Experts say crossing this level might affect short-term trends and bring in more big investors.
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