Quick overview

---

Jeffrey Wilcke, a co-founder of Ethereum, may be selling some of his Ether holdings after transferring about 1,500 ETH to the cryptocurrency exchange Kraken on Thursday.

 

According to the on-chain analytics platform Lookonchain, Wilcke sent the cryptocurrency exchange 1,500 ETH, which is valued at approximately $6 million. It happened when Ether’s price fell from $4,000 to $3,900. Cryptocurrency is not always sold when it is moved to an exchange deposit address.

Wilcke had sent $9.22 million in Ethereum to Kraken in August. In the past, he had sent Kraken $262 million in Ethereum.

Lookonchain conjectured at the time that he probably transferred the same sum to eight brand-new wallets instead of selling them. Wilke has since reposted a comment on X, though, in which a user speculated that “he will sell more in the future.”

In addition to being a co-founder, Wilcke actively participated in Ethereum’s development between December 2013 and March 2018. Wilcke’s recent fund movements are nothing in comparison to recent Ether whale purchases. At least 15 wallets have purchased more than 406,000 ETH, valued at $1.06 billion, in the last two days, according to Lookonchain, suggesting that whales are taking advantage of the current market downturn, which has caused the price of ETH to drop 13% over the last seven days.

The wallets purchased Ethereum from digital asset services provider BitGo, digital infrastructure provider Galaxy Digital, digital asset broker FalconX, and cryptocurrency exchange Kraken.